S&P 500 (NYSE:SPY) component Apache Corporation (NYSE:APA) reported net income above Wall Street’s expectations for the first quarter. Apache Corporation is an energy company that explores for, develops and produces natural gas, crude oil and natural gas liquids in six countries.
Apache Earnings Cheat Sheet for the First Quarter
Results: Net income for Apache Corporation rose to $1.13 billion ($2.86/share) vs. $705 million ($2.08/share) in the same quarter a year earlier. A rise of 60.9% from the year earlier quarter.
Revenue: Rose 46.8% to $3.92 billion YoY.
Actual vs. Wall St. Expectations: APA‘s adjusted income of $2.90 per share beat the mean analyst estimate of $2.57/share. Estimates ranged from $2.06 per share to $3.10 per share.
Quoting Management: “Apache is beginning the year with a solid, strong performance,” said G. Steven Farris, chairman and chief executive officer. “Despite a number of challenges, our diversified portfolio of assets delivered exceptional earnings and operating results. Liquids production increased 57,000 barrels to 358,000 barrels per day, which enabled Apache to achieve stand-out earnings and cash flow as a leading beneficiary of rising oil prices.”
The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 43.2%, with the biggest boost coming in the first quarter of the last fiscal year when revenue rose 63.6% from the year earlier quarter.
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).
Today’s Performance: Shares of APA are trading at $128.25 as of April 28, 2011 at 1:20 PM ET, up 1% from the previous closing price of $126.92.