Apache Corp. reported net losses of nearly $4.5 billion this week, leading to a nearly 4% drop in Wednesday’s trading of shares.
The net loss totaled $4.48 billion which amounts to $11.86 a share. A year ago, the company had a $47 million or 12 cents a share loss. Adjusted for asset impairments, losses were 13 cents a share, leading to Wednesday’s price drop of 3.8%.
Revenue for the Houston-based company fell to $1.34 billion from $1.68 billion a year ago. Analysts had estimated adjusted losses of 33 cents a share on sales of $1.31 billion. The company said in March it planned to halve U.S. drilling activity and reduce activity in the North Sea and Egypt. Shares of Apache have fallen 62% in the past year, as the S&P 500 index SPX, -0.69% has gained 2.2%.
Source: Market Watch