Apache Corp has warned its first-quarter profit fell 10 percent because of lower prices for crude oil and natural gas liquid, after saying it planned to divest up to $4 billion in assets by the end of the year.
The company intends to use about $2 billion from the asset sale to reduce debt and enhance financial flexibility, with the remaining $2 billion being used to repurchase 30 million shares.
Net income fell to $698 million, or $1.76 per share, in the first quarter, from $778 million, or $2 per share, a year earlier.
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