Apache Corporation Earnings Cheat Sheet: Double-Digit Growth Again

S&P 500 (NYSE:SPY) component Apache Corporation (NYSE:APA) reported higher profit for the second quarter as revenue showed growth. Apache Corporation is an energy company that explores for, develops and produces natural gas, crude oil and natural gas liquids in six countries.

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Apache Earnings Cheat Sheet for the Second Quarter

Results: Net income for the independent oil and gas company rose to $1.26 billion ($3.17 per share) vs. $860.2 million ($2.53 per share) in the same quarter a year earlier. This marks a rise of 46.4% from the year earlier quarter.

Revenue: Rose 46% to $4.34 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: APA reported adjusted net income of $3.22 per share. By that measure, the company beat the mean estimate of $3.09 per share. Analysts were expecting revenue of $4.26 billion.

Quoting Management: “Apache had an outstanding quarter with record production in oil, gas, and natural gas liquids,” said G. Steven Farris, chairman and chief executive officer. “This reflects the scale and balance of our portfolio, which comes from diversity across geographic regions, gas and liquids production, and a constant focus on rate of return. We’re realizing additional value from last year’s acquisitions and pursuing opportunities for future growth at both our legacy assets and in new areas.”

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 39.7%, with the biggest boost coming in the first quarter when revenue rose 46.8% from the year earlier quarter.

The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 60.9% and in the fourth quarter of the last fiscal year, the figure rose 17.5%.

The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of $2.87 versus a mean estimate of net income of $2.61 per share.

Competitors to Watch: EOG Resources, Inc. (NYSE:EOG), Chevron Corporation (NYSE:CVX), EnCana Corporation (NYSE:ECA), Chesapeake Energy Corp. (NYSE:CHK), Stone Energy Corporation (NYSE:SGY), Lucas Energy, Inc. (AMEX:LEI), Concho Resources Inc. (NYSE:CXO), Anadarko Petroleum Corp. (NYSE:APC), Noble Energy, Inc. (NYSE:NBL), and Gulfport Energy Corp. (NASDAQ:GPOR).

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(Source: Xignite Financials)