apco oil and gas intl inc (APAGF) Key Developments
Apco Oil & Gas International Inc. Announces Executive Changes
Mar 20 14
Apco Oil and Gas International Inc. announced that Rodney J. Sailor, the Chief Financial Officer and a member of the Board of Directors of company intimated his decision to retire, effective as of March 31, 2014. In connection with the departure of Mr. Sailor, on March 20, 2014, the board appointed J. Kevin Vann to serve as a member of the Board or Directors, effective March 31, 2014. Mr. Vann, has been appointed to serve as Senior Vice President and CFO of WPX Energy Inc. on an interim basis effective March 31, 2014. Mr. Vann has served as WPX's Vice President, Controller and Chief Accounting Officer since December 2011, and will remain WPX's Chief Accounting Officer while serving as CFO. On March 20, 2014, the Board also appointed Benjamin A. Holman, to serve as the Company's Chief Financial Officer effective March 31, 2014. Mr. Holman has served as the company's Chief Accounting Officer and Controller since December 2012 and will retain such roles in addition to his new position as CFO. From October 2012 until December 2012 Mr. Holman served as the director of international accounting of WPX.
Apco Oil & Gas International Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Impairment Charges for the Fourth Quarter of 2013
Mar 6 14
Apco Oil & Gas International Inc. announced earnings results for the fourth quarter and full year ended December 31, 2013. The company reported net income attributable of $18.5 million, or $0.63 per share, compared with net income of $39.1 million, or $1.33 per share, in 2012. The decrease in net income for 2013 compared with 2012 was attributable to higher income tax expense in Argentina, lower sales volumes, higher operating costs and expenses, a non-cash impairment charge, and lower equity income. Partially offsetting these impacts to net income were higher oil and natural gas sales prices, lower exploration expense and benefits realized from the Oil Plus hydrocarbon subsidy program in Argentina during 2013. Absent the deferred income tax and impairment charges, adjusted net income would have been approximately $35.9 million, or $1.22 per share, for the year. Operating revenue was $149.023 million against $133.263 million a year ago. Total operating revenues increased by $15.8 million during 2013 compared with 2012. Sales revenues from Apco's Colombian operations and benefits realized from the Oil Plus hydrocarbon subsidy program in Argentina were the primary drivers of higher operating revenues experienced in 2013. Full-year capital expenditures of $49.9 million attributable to Apco's consolidated interests were invested primarily in development and exploration drilling in Neuquén basin properties and exploration drilling in Colombia.
For the quarter, the company reported operating revenue of $38.282 million and net income attributable to company of $1.081 million or $0.04 per share compared to operating revenue of $35.254 million and net income attributable to company of $6.074 million or $0.21 per share a year ago period.
Full-year 2013 results also include a non-cash impairment charge of $3.3 million recorded in fourth-quarter 2013 related to heavy-crude producing properties in Colombia.
Apco Oil and Gas International Inc. Announces Management Changes, Effective December 31, 2013
Dec 19 13
Apco Oil and Gas International Inc. announced that Ralph A. Hill will step down as chairman, board member and chief executive officer effective December 31, 2013. Apco's board has named James J. Bender as chairman and board member, effective December 31, 2013. Additionally, Apco's board has named Bryan K. Guderian as chief executive officer, also effective December 31, 2013. Guderian has more than 30 years of experience in oil and gas, has been on Apco's board since 2002 and currently serves as the senior vice president of operations for WPX, where he has responsibility for the company's international interests. Guderian will remain on the Apco board. Michael Kyle will continue to serve as Apco's president and chief operating officer, along with the remainder of the existing management team.
WPX Energy Not Planning To Sell Wyoming Assets; Continues Plan To Sell Apco Stake
Nov 15 13
WPX Energy, Inc. (NYSE:WPX) is not planning to sell its Wyoming Assets. The company said in August 2013 that it decided not to sell its Wyoming's Powder River Basin asets after receiving unsatisfactory bids. However, it continues to consider divesting its stake in Apco Oil & Gas International Inc. (NasdaqCM:APAG.F).
Apco Oil & Gas International Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013
Nov 7 13
Apco Oil & Gas International Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported an unaudited net loss attributable to the company of $6.0 million or a loss of $0.21 per share compared with net income of $10.2 million or $0.35 per share in the same period a year ago. Operating revenue was $33,672,000 against $34,966,000 a year ago.
For the first nine months of 2013, the company reported unaudited net income of $17.4 million or $0.59 per share, compared with net income of $33.0 million or $1.12 per share, for the same period in 2012. The decrease in net income for the three and nine month periods ended Sept. 30, 2013, compared with the same periods in 2012, is primarily the result of a non-cash deferred income tax charge of $13.7 million related to new tax legislation enacted by the Argentine government in the third quarter of 2013. Operating revenue was $110,741,000 against $98,009,000 a year ago. Capital expenditures of $40.9 million attributable to Apco's consolidated interests were invested primarily in development and exploration drilling in Neuquén basin properties and exploration drilling in Colombia.