Businessweek

Apache Corp. announced that at its annual shareholders meeting held on May 16, 2013, the shareholders approved amendments to the company's restated certificate of incorporation to eliminate the classified board of directors.

Annual Shareholder Meeting

Apache Corp. reported consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported total revenue of $4,076 million against $4,536 million a year ago. Income before income taxes was $1,320 million against $1,560 million a year ago. Income attributable to common stock was $698 million or $1.76 per diluted share against $778 million or $2.00 per diluted share a year ago. Adjusted diluted earnings per share were $2.02 against $3.00 a year ago. Net cash provided by operating activities was $2,621 million against $2,007 million a year ago. Capital expenditures, excluding acquisitions were $2,571 million against $1,936 million a year ago. The company reported production results for the first quarter ended March 31, 2013. For the period, the company reported total oil production volume of 355,514 barrels per day against 346,976 barrels per day a year ago. Natural gas production volume was 2,196,164 Mcf per day against 2,332,383 Mcf per day a year ago. NGL production volume was 60,278 barrels per day against 33,589 barrels per day a year ago. The company provided production guidance for the year 2013. For the period, the company remains on track to achieve its full-year guidance of 3% to 5% production growth. This production guidance has not been adjusted for any variances associated with future divestitures.

Apache Corp. (NYSE:APA) said that the company is planning to sell assets worth $4 billion in 2013, in order to reduce its debt and buy back shares. The company, however, did not disclose the assets that it intends to sell, but said that it has conducted a strategic portfolio review to identify assets that no longer fits its growth profile. Apache plans to use initial proceeds of $2 billion to reduce debt and enhance financial flexibility. It has earmarked approximately $2 billion to buy back its common shares under a 30 million share repurchase program. Chairman and Chief Executive Officer, Steven Farris said, “Proceeds from this program will enable us to reduce debt and repurchase up to 30 million shares or approximately 7.5% of shares outstanding. We believe that as a result of this process, we will become an even stronger company with a focused portfolio of high-growth, high-return assets”.

Apache Corp. announced updated well results from drilling in the Tonkawa and Granite Wash formations of the Texas Panhandle and Western Oklahoma. Tonkawa initial production rates climb 70%. Flow rates from Apache's first seven Tonkawa wells drilled and producing for 30 days in 2013 averaged 662 barrels of oil equivalent (boe) per day, a 70% increase from wells drilled in the play a year ago. For all seven 2013 wells, after processing for natural gas liquids, the 30-day initial production (IP) rate averaged 428 barrels of crude oil, 103 barrels of NGLs, and 789,000 cubic feet (Mcf) of natural gas per day. Apache currently has nearly 318,000 acres in the Tonkawa and nearly 2,800 identified well locations in the play remaining in its drilling inventory.