Apache Sees Profits Double

Oil exploration and production firm Apache (APA Quote - Cramer on APA - Stock Picks) said its fourth-quarter earnings doubled from a year ago, mostly because of higher realized commodity prices.

The company earned $1.07 billion, or $3.19 a share, in the quarter, up from $519 million, or $1.56 a share, during the same period last year. Analysts were expecting earnings of $2.52 a share, according to Thomson Financial.

Apache generated $3 billion in revenue in the quarter, compared with $1.97 billion in the fourth quarter of 2006.

The company produced 261,671 barrels of oil per day in the most recent quarter compared with 233,596 barrels per day last year. Apache's average realized price per barrel of oil in the quarter was $83, up from $54.51 in the fourth quarter a year earlier. Its realized natural gas price was $5.65 per thousand cubic feet, vs. $4.77 per MCF during the same period last year.

Apache was recently trading 3.1% higher at $98.05.