Apache profit plunges on big write-down
(Reuters) - Apache Corp's (APA.N) profit plunged as the oil and gas producer wrote down the carrying value of its Canadian properties due to weakness in natural gas prices.
The company recorded a $539 million non-cash, after-tax write-down in the quarter.
Net income fell to $161 million, or 41 cents per share, in the third quarter, from $983 million, or $2.50 per share, a year earlier.
Revenue fell 3 percent to $4.18 billion. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Supriya Kurane)
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