Apache's Adjusted Profit Falls
U.S. oil and gas producer Apache Corp reported a 69 percent plunge in adjusted quarterly profit on Wednesday, as lower crude and natural gas prices offset higher output from the Permian basin in the United States and the UK North Sea.
The Houston-based company said adjusted earnings fell to $38 million, or 10 cents per share, in the first quarter ended March 31, from $124 million, or 32 cents per share, a year earlier.
Apache, which also operates in Egypt, said adjusted production rose 19 percent to 436,713 barrels of oil equivalent per day (boepd).
(Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)