August 2, 2018 / 1:24 AM / 18 days ago

UPDATE 1-Apache Corp reports 66-percent drop in Q2 profit

(Adds details on Q2 earnings)

Aug 1 (Reuters) - U.S. oil and gas producer Apache Corp reported a near 66-percent drop in its second quarter profit on Wednesday as income tax provisions nearly doubled, while benefits from deferred taxes slumped.

The Houston-based company said net income attributable to common stock fell to $195 million, or 51 cents per share, for the quarter ended June 30, from $572 million, or $1.50 per share a year earlier. Though the numbers were not immediately comparable. (bit.ly/2KfBkyI)

Current income tax provisions for the period rose to $249 million from $126 million a year ago. While the benefit from deferred income tax provisions shrunk to $10 million from $730 million a year earlier.

Excluding certain items, Apache earned 50 cents per share, beating analysts’ average estimate of 39 cents per share, according to Thomson Reuters I/B/E/S.

Oil and gas Revenue rose to $1.94 billion from $1.35 billion, the company said in statement.

In the past few months, OPEC-led supply cuts have helped crude oil prices recover from the lows it hit in 2016. U.S. crude prices rose about 18 percent in the second quarter and topped $75 a barrel at the end of June.

Total production rose to 464,109 barrels of oil equivalent per day (boe/d) from 460,293 boe/d, a year earlier.

Production from Permian Basin rose 39 percent to 201,832 boe/d.

“In the United States, the Permian Basin was our primary growth driver, with oil production in the Midland and Delaware basins up 20,000 barrels per day year-over-year and 6,000 barrels per day over the first quarter,” said Chief Executive John Christmann.

Apache also raised 2018 U.S. production guidance to 260,000 boe/d, from previous guidance of 250,000 to 258,000 boe/d. (Reporting by Akshara P and Diptendu Lahiri in Bengaluru; Editing by Sandra Maler)

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