Apache misses by $0.07 (48.80)
- Reports Q1 (Mar) earnings of $0.08 per share, excluding non-recurring items, $0.07 worse than the Capital IQ Consensus of $0.15.
- Delivered first-quarter production of 481,000 barrels of oil equivalent (Boe) per day and adjusted production of 398,000 Boe per day, which excludes Egypt noncontrolling interest, Egypt tax barrels and 1,100 Boe per day of divested volumes;
- Announcing delivery of first gas at Alpine High midstream, two months ahead of schedule. As a result, raising North American production guidance to 256,000 to 264,000 Boe per day for full-year 2017.
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2017 outlook and plan update
- Apache's 2017 capital expenditures are tracking in line with its guidance of $3.1 billion. LOE is tracking below plan, and the company is reducing full-year 2017 LOE guidance range to $8.25 to $8.75 per Boe.
- Updated its 2017 North American production guidance to 256,000 to 264,000 Boe per day.