Apache Corporation Posts Lower Q1 Revenue; Beats Estimates (APA)

Apache Corp (APA) reported its first quarter earnings before the opening bell on Thursday morning, posting results that easily beat analysts’ earnings estimates

APA's Earnings in Brief

Apache reported first quarter revenues of $3.68 billion, lower than last year’s Q1 revenues of $3.95 billion Adjusted net income for the quarter came in at $753 million, or $1.92 per share, which is down slightly from last year’s Q1 net income of $759 million, or $1.94 per share. APA beat analysts’ estimates of $1.62 EPS on revenues of $3.56 billion.

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CEO Commentary

Apache chairman, CEO and president G. Steven Farris had the following comments: “A record-setting performance by our Permian Region continues to drive strong overall results for the company. We remained the most active driller in onshore North America, operating an average of 82 rigs during the quarter.”

APA's Dividend

Apache most recently announced a dividend raise in February for its May 22 payout. The company raised its quarterly dividend to 25 cents from 20 cents. We expect the company to declare its next dividend in the coming weeks.

Stock Performance

Apache stock was inactive in pre-market trading. YTD, the company’s stock is up 2.67%.

APA Dividend Snapshot

As of Market Close on May 7, 2014

Click here to see the complete history of APA dividends.