Apache Q1 Loss Reflects Oil Prices

Apache Corp on Thursday reported a quarterly loss compared with a year-earlier profit as significantly lower commodity prices prompted the U.S. oil and gas company to write down the value of some properties.

The Houston, Texas company reported a first-quarter loss of $4.7 billion, or $12.34 per share, compared with a profit of $236 million, or 60 cents per share in the same period a year earlier.

Apache's average worldwide oil price was $47.56 per barrel during the first quarter, down more than 50 percent from a year ago.

Excluding one-time items such as a $4.7 billion asset impairment writedown, Apache had a loss of 37 cents per share.

Analysts, on average, expected a loss of 57 cents per share, according to Thomson Reuters I/B/E/S.

Oil and gas output fell 6 percent from a year ago to 601,000 barrels oil equivalent per day.

Apache left its North American capital spending forecast unchanged at $2.1 billion to $2.3 billion. Oil and gas output for North America is still expected to be flat for the year, while production from the North Sea and Egypt is seen slightly higher.

Reporting by Anna Driver