Posted on 11/05/2015 8:01:57 AM PST by thackney
pache Corp. posted a $5.66 billion loss on Thursday, taking charges for asset write-offs and other items as it was hit by both low crude prices and sliding oil production.
Apache's oil and gas output fell 7 percent, with only its assets in West Texas, Egypt and the North Sea showing slight increases.
Yet despite the downturn, the Houston oil producer believes it can boost its oil production this year, by 2 percent in North America and up to 12 percent in international markets, even as it whittles down costs. The company kept its guidance on its 2015 capital budget level and didn't say how much it plans to spend on drilling next year.
"We are relentlessly focused on improving capital efficiency," Apache CEO John Christmann said in a written statement, noting operating costs and general and administrative costs "are down considerably since the end of last year."
Apache's third-quarter loss, for $14.95 a share, was greater than its $1.33 billion loss, about $3.50 a share, in the same period last year. Quarterly revenue fell to $1.49 billion from $3.44 billion.
I’ve been afraid to check until now. But I once had $50k in stock when they were around $25 a share around 1999. I see now that they went as high as $135 back in 2007. I got out way early and actually lost a good deal of money with them.
...actually, they were less than $25/share in 1999. If I had stuck it out til 2007 or thereabouts I could have had over a quarter of a million! ...instead of losing most of what I had. Government would have probably taken over half.
Time to shovel under all those bad investments made during the past few years, thinking no one will remember in years to come.
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