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 Second-Quarter 2012 Results

Stocks in this article: APAGF

Apco Oil and Gas International Inc. (NASDAQ:APAGF) today announced that for the three and six-month periods ended June 30, 2012, it generated unaudited net income attributable to Apco of $12.7 million and $22.8 million, or $0.43 and $0.77 cents per share, compared with net income of $7.7 million and $15.9 million for the same periods in 2011.

Net income improved quarter-to-quarter from increased operating revenues due to higher average sales prices and increased volumes, greater equity income from Apco’s Argentine investment and a one-time credit to other income attributable to the farm-out of part of the company’s interest in the exploration area within the Sur Rio Deseado Este concession. These improvements were partially offset by higher costs and operating expenses that included increases in production and lifting costs, depreciation expense, exploration expense, taxes other than income and income taxes.

The increase in net income for the year-to-date period is also due primarily to higher average oil sales prices and increased volumes, greater equity income from Apco’s Argentine investment, and other income. These improvements over last year were partially offset by higher costs and operating expenses that included a $6.6 million increase in exploration expense compared with the first six months of 2011. During 2012, Apco incurred significant 3D seismic costs in its Sur Rio Deseado property in Argentina and in the Llanos 40 block in Colombia.

Higher average sales prices were the largest contributor to the increase of $8.4 million in operating revenues during the quarter and $15.4 million for the first six months. Total sales volumes applicable to Apco’s consolidated interest on a barrel of oil equivalent (BOE) basis were 1.5 percent higher than second-quarter 2011 and 3 percent higher than the first six months of 2011.

Total costs and operating expenses for the quarter and the six months increased by $4.2 million and $12 million, respectively, primarily the result of higher production and lifting costs, depreciation expense, exploration expense and higher taxes other than income.

1 of 4

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