Apache Announces Second-Quarter 2020 Results
Apache Corporation reported a loss of $386 million or $1.02 per diluted common share during the second-quarter 2020. When adjusted for certain items that impact the comparability of results, Apache reported a second-quarter loss of $281 million, or $0.74 per share. Net cash provided by operating activities in the second quarter was $84 million, and adjusted EBITDAX was $235 million.
Announced major discovery at Kwaskwasi today, third consecutive discovery in Block 58 offshore Suriname;
Submitted appraisal plan for first discovery, Maka, in May; announced second discovery, Sapakara, in April;
Posted second-quarter reported production of 435,000 barrels of oil equivalent (BOE) per day; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 394,000 BOE per day;
Delivered upstream capital investment below guidance; tracking toward the low end of full-year 2020 guidance range of $1.0 to $1.2 billion;
Focused capital investments on higher-return international opportunities;
Achieved annualized cost savings target of more than $300 million, approximately $225 million of which will be realized in 2020;
Implemented operational protocols and work-from-home-processes, successfully mitigating the impact of COVID-19 on Apache’s operations, employees and communities.
Source: APACHE CORPORATION
Report by: OGP/Segun Cole , Please email us your industry related news for publication [email protected]
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