Apache’s 3Q16 revenue
Apache Corporation (APA) reported its 3Q16 earnings on November 3, 2016. Its 3Q16 revenue was ~$1.43 billion compared to an estimated $1.39 billion. Its 3Q15 revenue was ~$1.5 billion. In 2Q16, it was $1.38 billion.
Apache’s 3Q16 earnings
Apache reported adjusted EPS (earnings per share) of -$0.03. Wall Street analysts’ consensus estimate was -$0.14. As we can see in the graph above, Apache’s earnings and revenue came in better than analysts had expected.
Key management comments and 3Q16 highlights
John Christmann, APA’s CEO, said during the company’s 3Q16 earnings release, “Our deliberate focus on strategic testing during the downturn not only yielded excellent results with our Alpine High discovery, but also significantly improved our results in our Midland and Delaware Basin focus areas.”
Christmann continued, “Our economic drilling inventory in the Permian Basin is more extensive today than at any time in the company’s history, and we expect it will continue to grow as we further delineate our vast acreage position in the basin.”
On September 7, 2016, Apache announced a major oil discovery in the Delaware Basin, Texas: Alpine High, located in the southern portion of the Delaware Basin. APA estimates that its acreage holds around 3 billion barrels of oil in the Barnett and Woodford regions and about 75 Tcf (trillion cubic feet) of rich gas.