HOUSTON (AP) _ Apache Corp. (APA) on Wednesday reported a loss of $4.48 billion in its first quarter.
On a per-share basis, the Houston-based company said it had a loss of $11.86. Losses, adjusted for asset impairment costs and non-recurring costs, came to 13 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 30 cents per share.
The oil and natural gas producer posted revenue of $1.28 billion in the period, which met Street forecasts.
Apache shares have declined 55% since the beginning of the year, while the Standard & Poor's 500 index has decreased 12%. In the final minutes of trading on Wednesday, shares hit $11.61, a fall of 62% in the last 12 months.