| Earnings Scorecard |
| Actual | Estimated* | Year-Ago |
| $1.96 | $1.95 | $0.80
|
 |
Apache(APA Quote - Cramer on APA - Stock Picks) reported fourth-quarter earnings today that beat Wall Street's slightly raised estimates by a penny, citing higher production combined with strong oil and gas prices.
Apache, which explores for, develops and produces natural gas, crude oil and natural gas liquids, earned $257.1 million, or $1.96 a share, for the fourth quarter ended Dec. 31. In the year-ago period, the company earned $97.5 million, or 80 cents a share. Twenty-nine analysts surveyed by
First Call/Thomson Financial expected the company to earn $1.95 a share.
The company, which is based in Houston, also posted fourth-quarter revenue of $730.8 million, up from $395.9 million in the same quarter a year ago.
Apache said it plans to spend about $1 billion on exploration and development in 2001, up about 30% from 2000. While Apache doesn't include acquisitions in its budget, the company previously announced agreements to acquire assets in Canada for about $600 million and in Egypt for $410 million. The company expects to close both transactions in the first half of 2001.
Shares of Apache fell 64 cents, or 1.1%, to $56.96 in recent
New York Stock Exchange trading.
Erica Berardi
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