Apache Tops Estimates by a Penny

Earnings Scorecard
Actual	Estimated*	Year-Ago
$1.96	$1.95	$0.80

Apache(APA Quote) 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.