HOUSTON (AP) — HOUSTON (AP) — APA Corporation (APA) on Wednesday reported second-quarter profit of $603 million.
On a per-share basis, the Houston-based company said it had profit of $1.67. Earnings, adjusted for non-recurring gains, came to 87 cents per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.
The oil and natural gas producer posted revenue of $2.61 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $2.07 billion.
APA shares have declined 22% since the beginning of the year, while the S&P’s 500 index has climbed roughly 8%. In the final minutes of trading on Wednesday, shares hit $18.06, a drop of 33% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on APA at https://www.zacks.com/ap/APA
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