Adjusted Profit from Apache Falls 69% on Lower Prices



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(Reuters) – US oil and gas producer Apache Corp announced a 69% drop in adjusted quarterly earnings on Wednesday as lower crude oil and natural gas prices offset higher production in the US Permian basin and the British North Sea.

The Houston-based company said its adjusted earnings had dropped to $ 38 million, or 10 cents a share, in the first quarter ended March 31, from $ 124 million, or 32 cents a share, a year later. early.

Apache, which also operates in Egypt, said its adjusted production increased by 19 percent to 436,713 barrels of oil equivalent per day.

Report by Arathy S Nair in Bengaluru; Edited by Sriraj Kalluvila

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