Apache REPORTS FIRST-quarter RESULTS, $4 BILLION ASSET SALES GOAL, PROGRAM TO REPURCHASE UP TO 30 MILLION SHARES
Houston, May 9, 2013 – Apache Corporation reported first‐quarter earnings of $698 million, or $1.76 per diluted common share, and adjusted earnings*, which exclude certain items that impact the comparability of operating results, of $806 million or $2.02 per share. During the first quarter, worldwide production increased to 781,819 barrels of oil equivalent (boe) per day driven by a 45 percent increase in North American onshore liquid hydrocarbons output compared with the year‐earlier period; earnings declined as a result of lower commodity prices. Cash from operations before changes in operating assets and liabilities* totaled $2.4 billion.
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