Apache Sees First Quarter Production Increase, Earnings Fall

Apache Corporation today reported first-quarter earnings of $492 million or $1.47 per diluted common share as record production partially offset the impact of lower oil and gas prices and higher costs.
Apache earned $660 million or $1.97 per share in the prior-year period.
Cash from operations before changes in operating assets and liabilities totaled $1.2 billion, flat with the prior-year period. Apache produced 536,297 barrels of oil equivalent per day in the first quarter, 17 percent above the prior-year period and up 1 percent from the fourth quarter of 2006.

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