Oil Producer APA Misses Quarterly Profit Estimates on North Sea Downtime

(Photo: APA Corp)
(Photo: APA Corp)

U.S. shale oil producer APA Corp missed Wall Street estimates for fourth-quarter profit on Wednesday, hit by weaker North Sea production.

Its North Sea production was hit by a temporary shutdown during the reported quarter at its Beryl Bravo offshore platform.

APA said its production was also hurt by additional compressor-related downtime at its Beryl Alpha and Forties assets.

The company's production remained flat at 414,000 barrels of oil equivalent per day (boepd) for the fourth quarter.

It also forecast first-quarter production in the range of 396,000 to 398,000 boepd.

The Houston, Texas-based company reported adjusted net income of $1.15 per share for the quarter ended Dec. 31, compared with analysts' average estimate of $1.35 per share, according to LSEG data.

(Reuters - Reporting by Sourasis Bose; Editing by Pooja Desai)

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