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Apache swings to loss in Q3

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Apache swings to loss in Q3

Apache Corp. said its third-quarter normalized net income came to a loss of 39 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 36 cents per share.

The per-share result swung to a loss from the prior-year profit of $1.86.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $149.0 million, compared with income of $710.4 million in the prior-year period.

The normalized profit margin dropped to negative 154.5% from 22.9% in the year-earlier period.

Total revenue fell 50.4% year over year to $1.54 billion from $3.11 billion, and total operating expenses declined 7.6% from the prior-year period to $1.62 billion from $1.75 billion.

Reported net income totaled a loss of $5.56 billion, or a loss of $14.71 per share, compared with a loss of $1.17 billion, or a loss of $3.08 per share, in the year-earlier period.