Apache Corp. Thursday reported a loss for the third quarter of $1.3 billion or $3.50 per share, citing three non-cash charges. That compared to a profit of $300 million or 75 cents a share a year ago.
Excluding the charges, Apache said it made $528 million in net income or $1.38 per share.
Apache detailed the charges as follows:
* An $814 million U.S. tax charge related to a change in company policy and outlook on reinvesting its foreign earnings.
* A $249 million income tax expense related to the repatriation of cash from its Egyptian operations
* A $1 billion reduction in the value of its oil and gas properties due to lower oil and natural gas liquids prices and a previously announced deep water sale.
“Our North American onshore regions delivered another strong quarter as we continued to execute our strategy to profitably grow North American liquids production,” G. Steven Farris, Apache chairman, CEO and president, said in a statement. “Liquids production increased 5 percent from the second quarter and 15 percent from the prior-year quarter when adjusted for asset sales.”
The company also said it continues to work on selling international assets.
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