February 27, 2019 / 10:46 PM / in a year

Apache Corp quarterly profit beats estimates on higher Permian output

(Reuters) - U.S. oil and gas producer Apache Corp reported a better-than-expected quarterly profit on Wednesday, as the company benefited from a rise in production from its shale assets in the Permian Basin.

Production at the largest U.S. oil field and the center of the country’s shale industry rose 33 percent to 235,936 barrels of oil equivalent per day (boe/d) in the fourth-quarter ended Dec. 31.

Oil production in the United States has surged dramatically due to a shale revolution, pushing the country above Saudi Arabia and Russia as the world’s biggest producer.

Apache, which also operates in the Anadarko and Eagle Ford shale basins, said total production rose 10 percent to 482,298 boe/d in the quarter.

Average price per barrel of oil remained nearly flat at $58.37.

Excluding certain items, the company earned 31 cents per share, beating the average analyst estimate of 24 cents, according to IBES data from Refinitiv.

The Houston-based company said net loss attributable to shareholders was $381 million, or $1 per share, for the quarter, compared with a net profit of $456 million, or $1.19 per share, a year earlier.

Revenue rose 11 percent to $1.77 billion.

Reporting by Shradha Singh in Bengaluru; Editing by Sriraj Kalluvila and Shinjini Ganguli

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