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Apache posts quarterly loss, plans to slash rig count
February 12, 2015 / 1:22 PM / 3 years ago

Apache posts quarterly loss, plans to slash rig count

Feb 12 (Reuters) - Apache Corp on Thursday reported a quarterly loss as it wrote down the value of oil and gas assets and said it is reducing its rig count by more than a third in response to the collapse in crude oil prices.

The Houston company reported a fourth-quarter loss of $4.8 billion, or $12.78 per share, compared with a year-ago profit of $174 million, or 44 cents per share.

Apache said its rig count will be reduced to 27 rigs at the end of this month from an average of 91 rigs in the third quarter of 2014.

Reporting by Anna Driver, Editing by Franklin Paul

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