Acquisitions Help Drive Apache's Q2 Earnings, Output Volume.

Oil Daily, The, July, 2003

Houston-based independent Apache reported strong second- quarter volume growth on Thursday, due mainly to its acquisition of properties in the North Sea and Gulf of Mexico from BP.

Oil production rose nearly 40% to 211,701 barrels per day, compared with the same period of 2002, while natural gas production rose 15% to 1.25 billion cubic feet per day.

Slightly more than half of the company's production -- some 54% -- occurred outside the US during the latest quarter, mostly in Canada, Egypt, the UK North Sea, and Australia.

Second-quarter net income rose to $243 million ($1.49 per share) from $143 million (95cents/share) in the prior-year period as strong oil and gas prices amplified the effect of the volume gains.

Apache struck a $1.3...