HOUSTON, Jan. 24, 2019 — Apache Corporation (NYSE, Nasdaq: APA) today provided supplemental information regarding fourth-quarter realized commodity prices, derivative gains, dry hole costs and Egypt tax barrels.
Supplemental quarterly information
To further assist analysts with their fourth-quarter earnings models, the company is providing the following estimates:
|Average Realized Prices – 4Q18|
|Oil (bbl)||NGL (bbl)||Natural Gas (Mcf)|
|Egypt tax barrels:||23,000 to 25,000 BOE per day|
|Realized gain on oil and gas price derivatives (before tax):||$14 million|
|Unrealized gain on oil and gas price derivatives (before tax):||$15 million|
|Dry hole costs (before tax):||$80 to $85 million|
Dry hole costs in the fourth quarter include approximately $54 million for historical exploration investments in the U.K. North Sea that Apache no longer plans to develop.
Additionally, Apache Corporation’s fourth-quarter results will reflect the consolidation of the company’s Altus Midstream Company (Nasdaq: ALTM) ownership, including noncontrolling interest. Apache will report Altus Midstream as a separate business segment in its future 10-K and 10-Q SEC filings. To assist analysts in modeling the accounting treatment of majority-owned ALTM, Apache will publish a representative guide on its website at investor.apachecorp.com.
Fourth-quarter and full-year 2018 earnings call
Apache Corporation will host its fourth-quarter and full-year 2018 results conference call Thursday, Feb. 28, 2019, at 10 a.m. Central time. The company will issue its earnings release after close of market Wednesday, Feb. 27. The full text of the release will be available on the company’s website at www.apachecorp.com.
The conference call will be webcast from Apache’s website at www.apachecorp.com and investor.apachecorp.com, and the webcast replay will be archived there as well. The conference call will also be available for playback by telephone for one week beginning at approximately 4 p.m. Central time Feb. 28. To access the telephone playback, dial (855) 859-2056 or (404) 537-3406 for international calls. The conference access code is 1793479.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. See “Risk Factors” in our 2017 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. A number of factors could cause actual results to differ materially from the expectations presented. None of the information contained in this news release has been audited by any independent auditor. Apache may elect to modify the format or discontinue publication at any time, without notice to securities analysts or investors. Unless legally required, Apache assumes no duty to update any forward-looking statement as of any future date.
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom. Apache posts announcements, operational updates, investor information and press releases on its website, www.apachecorp.com, and on its Media and Investor Center mobile application, which is available for free download from the Apple App Store and the Google Play store.
About Altus Midstream
Altus Midstream Company is a pure-play, Permian Basin midstream C-corporation. Through its consolidated subsidiaries, Altus owns substantially all of the gas gathering, processing and transportation assets servicing Apache Corporation’s production in the Alpine High play in the Delaware Basin; a 15 percent equity interest in the Gulf Coast Express Pipeline Project; and options for equity participation in four other gas, natural gas liquids and crude oil pipeline projects from the Permian Basin, three of which go to various points along the Texas Gulf Coast. Altus posts announcements, operational updates, investor information and press releases on its website, www.altusmidstream.com.
|Investor:||(281) 302-2286 Gary Clark|
|Media:||(713) 296-7276 Phil West|