Apache Corporation (APA) saw its loss narrow to $607 million, or $1.60 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $4,143 million, or $10.95 a share. On the other hand, adjusted net loss for the quarter narrowed to $12 million, or $0.03 a share from a loss of $33 million or $0.09 a share, a year ago. Revenue during the quarter dropped 5.77 percent to $1,438 million from $1,526 million in the previous year period. Gross margin for the quarter expanded 318 basis points over the previous year period to 69.89 percent.
Operating loss for the quarter was $905 million, compared with an operating loss of $4,370 million in the previous year period.
"Our exploration success and financial results in the third quarter demonstrate the transformation that is taking place at Apache. During the quarter, Apache announced the discovery of an immense unconventional play in the Delaware Basin, Alpine High. Apache’s extensive position in the play, which now totals 320,000 net acres, is an excellent example of our strategic focus on organic growth and strong technical capabilities. Our goal over time will be to ensure that we develop Alpine High in a methodical, efficient and environmentally responsible way for the benefit of our shareholders and other stakeholders," said John J. Christmann IV, Apache’s chief executive officer and president.
Operating cash flow drops significantly
Apache Corporation has generated cash of $1,634 million from operating activities during the nine month period, down 34.46 percent or $859 million, when compared with the last year period. The company has spent $1,362 million cash to meet investing activities during the nine month period as against cash inflow of $1,346 million in the last year period
The company has spent $509 million cash to carry out financing activities during the nine month period as against cash outgo of $2,863 million in the last year period.
Cash and cash equivalents stood at $1,230 million as on Sep. 30, 2016, down 25.68 percent or $425 million from $1,655 million on Sep. 30, 2015.
Working capital declines
Apache Corporation has witnessed a decline in the working capital over the last year. It stood at $1,644 million as at Sep. 30, 2016, down 14.02 percent or $268 million from $1,912 million on Sep. 30, 2015. Current ratio was at 2.01 as on Sep. 30, 2016, up from 1.88 on Sep. 30, 2015.
Days sales outstanding went down to 51 days for the quarter compared with 88 days for the same period last year.
Debt remains almost stable
Apache Corporation has recorded a decline in total debt over the last one year. It stood at $8,721 million as on Sep. 30, 2016, down 0.64 percent or $56 million from $8,777 million on Sep. 30, 2015. Apache Corp has recorded a decline in long-term debt over the last one year. It stood at $8,721 million as on Sep. 30, 2016, down 0.64 percent or $56 million from $8,777 million on Sep. 30, 2015. Total debt was 37.67 percent of total assets as on Sep. 30, 2016, compared with 31.56 percent on Sep. 30, 2015. Debt to equity ratio was at 1.10 as on Sep. 30, 2016, up from 0.73 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
