Apache Announces Second-Quarter 2020 Results

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.

Key Takeaways

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.

[Read more…]

Apache Corporation - link to home page


Report by: OGP/Segun Cole , Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook

Oil and Gas News Straight from the Source

Most News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. OilAndGasPress welcomes all viewpoints. Should you wish to provide a different perspective on the above article, please email us info@OilAndGasPress.com