APA Apache Corporation

   By Oliver Griffin 
 

Apache Corp. (APA) said Thursday that it swung to a fourth-quarter net profit amid production of 440,000 barrels of oil equivalent per day.

The Houston-based petroleum and natural gas company reported a profit of $456 million, or $1.19 a share, in the three months ended Dec. 31, compared with a loss of $182 million, or 48 cents a share, for the same period last year. Adjusted profit came in at 33 cents a share. Analysts expected a profit of 24 cents a share, according to FactSet.

Sales rose to $1.59 billion, from $1.45 billion in the year ago period. Analysts expected sales of $1.54 billion, according to FactSet.

The company said that it will invest $3 billion in oil and gas capital in 2018.

From 2018 to 2020, Apache said it will invest $7.5 billion worldwide in upstream production as part of a three year plan to generate strong returns and growth.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

February 22, 2018 09:11 ET (14:11 GMT)

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