Apache Q4 Narrows

(RTTNews) - Apache Corp. (APA) Thursday announced a narrower net loss for the fourth quarter, as oil production revenues increased for the quarter.

For the fourth-quarter, the company recorded net loss attributable to the quarter of $182 million or $0.48 per share, compared to $4.015 billion or $10.62 per share last year. On an adjusted basis, net loss was $22 million or $0.06 per share.

On average, 31 analysts polled by Thomson Reuters expected the company to earn $0.07 per share. Analysts estimates usually exclude special items.

Oil revenue for the quarter increased $1.115 billion from $958 million last year. Oil and gas production revenues were $1.455 billion from $1.254 billion in the previous year. Wall street was looking for 1.51 billion.

Looking ahead, the company said it is poised for excellent long-term organic growth through 2018 and beyond, which will be driven primarily by its high-quality acreage positions in the Delaware and Midland basins.