Apache reports Q4 adj. EPS 8c, consensus (6c)

Reports Q4 revenue $1.70B, consensus $1.61B. Reports Q4 production 487K BOE/d with the highest quarterly Permian oil production rate in the company's history, averaging 103K barrels per day. "Apache finished 2019 on a strong note. For the year, we achieved our corporate returns objective and came in below our upstream capital investment target of $2.4 billion. During the fourth quarter, our Permian region delivered the highest oil production in company history at 103,000 barrels per day and exceeded guidance. In December, we signed a joint venture agreement with Total in Block 58 offshore Suriname, which brings in a world-class offshore operator and enables Apache to retain a 50% working interest in the block while significantly reducing our potential exposure to large-scale appraisal and development costs. Our subsequent announcement of a significant oil discovery with the Maka Central-1 well in January 2020 underscores the transformational potential of Suriname Block 58. We are currently drilling the second well on Block 58, Sapakara West-1, and are encouraged by what we've seen so far. We will provide more information after reaching total depth and completing our analysis," said John J. Christmann IV, Apache's CEO.