Last $14.10 USD
Change Today +0.11 / 0.79%
Volume 8.0K
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NASDAQ CM
As of 11:51 AM 10/22/14 All times are local (Market data is delayed by at least 15 minutes).

apco oil and gas intl inc (APAGF) Key Developments

Apco Oil & Gas International Inc. Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Apco Oil & Gas International Inc. announced unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported operating revenue of $38,800,000 compared to $41,790,000 a year ago. Net income attributable to the company was $7,127,000 or $0.24 per share compared to $13,520,000 or $0.46 per share a year ago. For the six months, the company reported operating revenue of $69,386,000 compared to $77,069,000 a year ago. Net income attributable to the company was $10,181,000 or $0.35 per share compared to $23,453,000 or $0.80 per share a year ago. Net income for the quarter and year-to-date periods was lower than the same periods of 2013 due to the combination of lower operating revenues, greater operating costs and expenses, and lower equity income. During 2014, the benefits of higher oil and natural gas sales prices were more than offset by the impact of decreased revenues from the Oil Plus hydrocarbon subsidy program in Argentina and lower oil sales volumes compared with 2013. During the first six months of 2014, capital expenditures of $37.6 million attributable to Apco's consolidated interests were invested primarily in exploration and development drilling in Colombia and development drilling in Neuquén basin properties.

Apco Oil & Gas International Inc. Announces Board Changes

Apco Oil and Gas International Inc. named Richard E. (Rick) Muncrief as its new chairman and board member, succeeding James J. Bender who has retired. Muncrief, has more than 30 years of upstream and midstream energy experience. He is the chief executive officer of WPX Energy. Bender joined Apco as chairman at the beginning of 2014 and also served as interim CEO at WPX this year preceding Muncrief's appointment to the role in May. Apco's existing operations management remains the same, led by Bryan K. Guderian as chief executive officer and Michael Kyle who serves as Apco's president and chief operating officer.

Apco Oil & Gas International Inc. Provides Colombia Operations Update

Apco Oil and Gas International Inc. announced that it has successfully completed its Llanos basin exploration drilling program for 2014. Extended production tests and development activities are underway. In Llanos 32 where Apco participates with a 20% interest, three exploration wells were drilled year-to-date. All three wells, the Kananaskis-1, Carmentea-1 and the Calona-1, discovered proved reserves. The Kananaskis-1 well was put on production from the Mirador formation at an average rate of approximately 5,000 barrels of oil per day during June. The Carmentea-1 tested at 4,300 barrels of oil per day and was put on production at a restricted rate in July. The Calona-1 well will be put on production later in the year when water disposal facilities are installed. Following the successful exploration drilling, Apco and its partners began development and appraisal drilling. The Kananaskis-2 well was drilled to appraise the Une and Gacheta formations where natural gas and natural gas liquids were produced in the Kananaskis-1 test. Kananaskis-2 was drilled and cased, with testing planned for third quarter. Since the end of the second quarter, Apco drilled a water disposal well for Carmentea and the Kananaskis-3 Mirador appraisal well, and spud the Kananaskis-4 disposal well. Further production history and possibly more appraisal wells will be required to determine stabilized flow rates and the extent of all the reservoirs discovered by these wells, including evaluation and potential development of natural gas and natural gas liquids reserves lying below the oil reservoirs in the Une and Gacheta formations. In addition, Apco expects that the total gross production from Block 32 will be restricted to between 6,000 and 7,000 barrels of oil per day for the remainder of 2014 in order to maximize long-term reservoir performance and until sufficient production and water-handling facilities to support total fluid volumes produced from the block are operational. In the Llanos 40 block where Apco has a 50% working interest, four exploration wells were drilled to fulfill the initial exploration phase commitments. The first two wells, the Celtis-1 and Ardisia-1, were drilled from the same pad and tested during the second quarter. The Celtis-1 well discovered proved reserves from the Une formation. The well is temporarily shut-in until later in the year when water disposal facilities are scheduled to be operational. The well is expected to be placed on production at approximately 500 barrels of oil per day. The Ardisia-1 well did not recover commercial hydrocarbon volumes and is being converted to a water disposal well to handle water volumes produced from the Celtis-1 well. The third well drilled in the Llanos 40 block, the Begonia-1, discovered oil from the Carbonera 7 formation. The fourth exploration well, the Berbena-1, was determined to be unproductive and is being converted to a water disposal well to handle anticipated future volumes of water produced from the Begonia-1 well. Apco anticipates commencing long-term production testing of the Begonia-1 well in the third quarter. The well is expected to produce approximately 2,000 barrels of oil per day.

Apco Oil & Gas International Inc. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2014

Apco Oil & Gas International Inc. reported unaudited earnings results for the first quarter ended March 31, 2014. For the quarter, the company generated unaudited net income attributable to the company of $3.1 million, or $0.10 per share, compared with net income of $9.9 million, or $0.34 per share for the same period in 2013. Net income decreased quarter-to-quarter due to the combination of lower operating revenues, higher operating costs and expenses, and lower equity income. Apco's 2014 results reflect the impact of a 23% devaluation of the Argentine peso during the first quarter. Operating revenue was $30,586,000 compared to $35,279,000 a year ago. Investment income was $1,950,000 compared to $5,465,000 a year ago.

Apco Oil & Gas International Inc. Announces Executive Changes

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.

 

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