Apache has reported a quarterly loss of $5.7billion as it took a writedown due to the decline in oil prices.
Despite the losses, the company has increased its production forecast for the year.
Increased efficiencies, a drop in service costs and low break-even levels in core US shale fields have helped companies increase production even as they scale back spending.
Apache raised its full-year North American onshore production forecast to 307,000-309,000 barrels of oil equivalent per day (boepd), from 305,000-308,000 boepd.
The company also raised its international and offshore production forecast to 172,000-174,000 boepd, from 164,000- 168,000 boepd.
Last month the company said had made “significant” new discoveries in the North Sea with up to 70million barrels of recoverable oil.
Oil and Gas UK chief executive Deirdre Michie has described the news as a real “morale boost” for the industry.