Q4 CPS beat, FY18 capex, output light
Cash earnings per share of $1.98 (+15% YoY) were 5% ahead of consensus expectations, and adjusted EPS of $0.33 were ahead of consensus at $0.24. Production volumes were in-line with updated guidance issued on Jan 09. FY18 capex guidance of $3.0bn is 5% below consensus although output guidance of 448-469kboed compares with consensus of 476kboed, which may partly reflect tax barrels in Egypt. Permian output is seen growing at a 26-28% CAGR in 2018-2020.Apache is an independent energy company that explores for, develops, and produces natural gas, crude oil, and natural gas liquids. The company had exploration and production operations in United States, Egypt, and offshore United Kingdom in the North Sea. The company also has exploration interests in Suriname. The company markets its United States crude oil production to main oil companies, marketing, and transportation companies, and refiners based on a West Texas Intermediate price or other regional pricing indices. The company has two international regions: The Egypt includes onshore conventional assets in Egypt's Western Desert. The North Sea region includes offshore assets based in United Kingdom.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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