Apache narrowed its losses in the third quarter despite a 15% dip in North Sea production.
The Houston-based firm said North Sea output fell to 62,000 barrels of oil equivalent (boe) per day due to maintenance and third-party facility down time.
But the company achieved its third consecutive exploration success near the Beryl Field with a discovery in two separate fault blocks at the recently drilled Storr prospect.
“Results were in line with pre-drill estimates and underscore the benefits of recent vintage 3-D seismic data and the long-term exploration potential in the Beryl area”, Apache said.
Apache posted revenues of $1.4billion, down 5.8% on the third quarter of 2015.
But pre-tax losses narrowed to $905million from $4.37billion a year ago.
The group delivered third-quarter production of 520,000 boe per day.
At quarter end, Apache’s long-term debt remained unchanged at $8.7billion.
Apache said its 2016 capital expenditures were likely to be in line with its guidance of $2billion.
John Christmann, Apache’s chief executive officer and president, said: “Our exploration success and financial results in the third quarter demonstrate the transformation that is taking place at Apache.
“During the quarter, Apache announced the discovery of an immense unconventional play in the Delaware Basin, Alpine High.
“Apache’s extensive position in the play, which now totals 320,000 net acres, is an excellent example of our strategic focus on organic growth and strong technical capabilities.
“Our goal over time will be to ensure that we develop Alpine High in a methodical, efficient and environmentally responsible way for the benefit of our shareholders and other stakeholders.”
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