Apache Corporation Provides Fourth-Quarter Supplemental Information and Schedules Results Conference Call for Feb. 25, at 10 A.M. Central Time

Rhea-AI Summary

Apache Corporation announced its fourth-quarter 2020 financial results, providing estimates for analysts. The estimated average realized prices were $41.00 per barrel of oil, $14.50 for NGL, and $1.70 for natural gas in the United States, while international prices were $44.50, $33.50, and $3.20, respectively. The company recorded a realized loss of $16 million on commodity derivatives and unrealized gains of $14 million. Additionally, dry hole costs were projected at $57-60 million. The earnings call is scheduled for February 25, 2021, after the earnings release on February 24.

Positive

• Estimated average realized prices for oil in the US at $41.00 and international at $44.50 indicate strong pricing.
• Unrealized gain of $14 million on commodity derivatives shows potential for future profit.

Negative

• Realized loss of $16 million on commodity derivatives before tax could affect profitability.
• Projected dry hole costs of $57-60 million may impact financial performance.

HOUSTON, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Apache Corporation (Nasdaq: APA) today provided supplemental information regarding certain fourth-quarter 2020 financial and operational results.

Supplemental quarterly information
To further assist analysts with their fourth-quarter earnings models, the company is providing the following estimates:

Estimated Average Realized Prices – 4Q20
	Oil (bbl)		NGL (bbl)		Natural Gas (Mcf)
United States	$41.00		$14.50		$1.70
International	$44.50		$33.50		$3.20

Egypt tax barrels:	10-11 MBoe/d
Realized loss on commodity derivatives (before tax):	$16 million
Unrealized gain on commodity derivatives (before tax):	$14 million
Dry hole costs (before tax):	$57-60 million

Fourth-quarter 2020 earnings call
Apache Corporation will host its fourth-quarter 2020 results conference call on Thursday, Feb. 25, at 10 a.m. Central time. The company will issue its earnings release after the market close on Wednesday, Feb. 24. The full text of the release will be available on the company's website at www.apachecorp.com. The conference call will be webcast from Apache's website at investor.apachecorp.com, and the webcast replay will be archived there as well. The conference call will also be available for playback by telephone for one week beginning at approximately 4 p.m. Central time, Feb. 25. To access the telephone playback, dial (855) 859-2056 or (404) 537-3406 for international calls. The conference access code is 7773126.

About Apache
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom and exploration activities offshore Suriname. Apache posts announcements, operational updates, investor information and press releases on its website, www.apachecorp.com. Specific information concerning Suriname, ESG performance and other investor-related topics are posted at investor.apachecorp.com.

Forward-looking statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations and objectives for Apache’s operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in our 2019 Form 10-K and in our quarterly reports on Form 10-Q filed, and 2020 Form 10-K when filed, with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by Apache in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Apache undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

Contacts
Investor:	(281) 302-2286	Gary Clark
Media:	(713) 296-7276	Phil West
Website:	www.apachecorp.com

APA-F

FAQ

What are Apache Corporation's estimated average realized prices for Q4 2020?

The estimated average realized prices for Q4 2020 were $41.00 per barrel of oil, $14.50 for NGL, and $1.70 for natural gas in the United States.

When will Apache Corporation's fourth-quarter 2020 earnings call take place?

The earnings call is scheduled for February 25, 2021, at 10 a.m. Central time.

What was the realized loss on commodity derivatives for Apache Corporation in Q4 2020?

The realized loss on commodity derivatives before tax was $16 million.

What are the projected dry hole costs for Apache Corporation in Q4 2020?

Projected dry hole costs for Q4 2020 are between $57 million and $60 million.