This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Apco Reports Net Income For 2011

Stocks in this article: APAGF

Apco Oil and Gas International Inc. (NASDAQ:APAGF) today announced net income attributable to Apco of $31.7 million in 2011, or $1.08 per share, compared with net income of $25.8 million, or $0.88 cents per share in 2010.

The improvement in 2011 net income is primarily due to higher average sales prices, greater equity income from Argentine investment and lower exploration expense compared with 2010. These favorable variances were partially offset by higher non-exploration costs and operating expenses.

Total operating revenues increased by $17 million compared with 2010. Higher average sales prices accounted for $14.3 million of the increase during 2011. A 1 percent sales volume increase – which resulted in 2.5 million barrels of oil equivalent (BOE) for the year applicable to Apco’s consolidated interests – also contributed to higher operating revenues.

Total costs and operating expenses for the year increased by $14.7 million, primarily from higher production costs including depreciation, depletion and amortization expense and taxes other than income.

Higher production costs during 2011 were partially offset by lower exploration expenses. The decrease in exploration expense reflects lower exploration activity including the absence of significant seismic acquisition investments made in Colombia during 2010.

Apco also experienced higher equity income from its 40.72 percent interest in Petrolera Entre Lomas S.A. (Petrolera). For 2011, the benefits of higher average sales prices and greater sales volumes contributed to an increase of $4.3 million in equity income from Argentine investment compared with 2010.

Sales volumes applicable to Apco’s equity interest in Petrolera were 2.2 million BOE in 2011 – an increase of 7 percent.

First-Quarter 2012 Dividend

Apco’s board of directors has approved a regular quarterly dividend of 2 cents per share on the company's shares. The dividend is payable on April 26, 2012, to shareholders of record at the close of business on April 16, 2012.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs