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May 6, 2020, 6:44 p.m. EDT

Apache stock falls as company takes defensive measures amid oil price declines

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By Max A. Cherney

Oil and gas company Apache Corp. /zigman2/quotes/200648444/composite APA +4.76% shares fell 3.8 % in the extended session Wednesday after the company reported losses that were narrower than consensus estimates. Apache reported a net loss of $4.48 billion, which amounts to $11.86 a share, which widened from a loss of $47 million, or 12 cents a share, a year ago. Adjusted for asset impairments, among other items, losses were 13 cents a share. Revenue fell to $1.34 billion from $1.68 billion a year ago. Analysts had estimated adjusted losses of 33 cents a share on sales of $1.31 billion. The company said in March it planned to halve U.S. drilling activity and reduce activity in the North Sea and Egypt. Shares of Apache have fallen 62% in the past year, as the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.27% has gained 2.2%.

/zigman2/quotes/200648444/composite
US : U.S.: Nasdaq
$ 16.28
+0.74 +4.76%
Volume: 6.89M
Aug. 10, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.61%
Market Cap
$5.87 billion
Rev. per Employee
$2.15M
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/zigman2/quotes/210599714/realtime
US : S&P US
3,360.47
+9.19 +0.27%
Volume: 2.57B
Aug. 10, 2020 5:12p
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