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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Big Dog who wrote (70103)	7/27/2000 12:03:05 PM
From: Winkman777	Read Replies (1) \| Respond to of 95453

Apache second-quarter earnings more than quadruple July 27, 2000 09:06 AM HOUSTON, July 27 (Reuters) - Independent oil and gas producer Apache Corp. APA said on Thursday its second-quarter earnings more than quadrupled, reflecting increased production volumes and sharply higher oil and natural gas prices. Net income rose to $140.4 million, or $1.19 cents per diluted share, from $29.6 million, or 28 cents, in the same period of 1999. Revenues rose to $488 billion from $246 billion. Apache had said last week it expected to beat Wall Street earnings expectations for the second quarter, causing analysts' average estimate of diluted earnings per share to rise to $1.17 from $1.08, according to First Call/Thomson Financial. Average prices received by Apache for its natural gas rose 52 percent to $3.07 per thousand cubic feet (mcf), compared with the second quarter of 1999. Average prices it received for its oil rose 61 percent to $25.88 per barrel. The company said second-quarter gas production rose 22 percent to 765 million cubic feet per day (mmcfd) compared with the second quarter of 1999 while production of oil and natural gas liquids rose 32 percent to 118,629 barrels per day. Apache's stock closed up 1-12/16 at 49-1/16 on Wednesday and is up some 33 percent for the year to date. Top