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Apache Q2 profit falls YOY

Apache Corp. said its second-quarter normalized net income came to 22 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 26 cents per share.

EPS fell 85.8% year over year from $1.54.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $82.8 million, a decline of 86.1% from $597.0 million in the prior-year period.

The normalized profit margin declined to negative 8.9% from 17.5% in the year-earlier period.

Total revenue decreased 43.9% on an annual basis to $1.92 billion from $3.42 billion, and total operating expenses declined 24.2% from the prior-year period to $1.69 billion from $2.23 billion.

Reported net income came to a loss of $4.87 billion, or a loss of $12.89 per share, compared with income of $452.8 million, or $1.17 per share, in the prior-year period.