CO:Apache Oil Q2 earnings jump 40% on high oil prices
NEW YORK (Commodity Online): Apache Corporation reported a 40% jump in their Q2, 2011 earnings, primarily due to high oil prices and higher production.
Revenues for the company rose 47% to a record $4.4 billion. Net income rose to $1.2 billion from $860 million a year earlier, as reported by chron.com
Oil production hit 749,000 bpd (barrels per day), up from 647,000 bpd in the same quarter a year ago.
"This reflects the scale and balance of our portfolio, which comes from diversity across geographic regions, gas and liquids production, and a constant focus on rate of return" G. Steven Farris, chairman and chief executive officer.
Apache has operations in the US, Argentina, Australia, Canada, Egypt and UK. As of 2010, its market capitalization stood at $30 billion.
Apache has also agreed to provide Japan’s Tokyo Electric Power with 3.1 million metric tons of liquefied natural gas.
