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Apache Q2 adjusted earnings drop, miss estimates

Apache Corp. on July 31 reported $41.0 million, or 11 cents per share, in adjusted earnings for the second quarter, compared to $192.0 million, or 50 cents per share, in the prior-year period.

The S&P Global Market Intelligence consensus normalized earnings estimate for the second quarter was 13 cents per share.

Net loss totaled $360.0 million, or 96 cents per share, compared to net income of $195.0 million, or 51 cents per share, in the second quarter a year ago. Apache reported revenue of $1.60 billion in the second quarter, compared to $1.94 billion a year earlier.

Apache said production came to 455,023 barrels of oil equivalent per day in the second quarter, compared to 464,109 boe/d in the prior-year period.

"We responded quickly to weak Waha and El Paso Permian gas prices and deferred production at Alpine High. While total Permian production volumes were strong, oil volumes trailed guidance due to timing delays bringing wells online during the quarter. We will catch up in the second half of 2019 and exit the year with oil production on plan and with strong momentum heading into 2020," Apache CEO and President John Christmann IV said.