Apache profit plunges on big write-down

Thu Nov 1, 2012 8:22am EDT

(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)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.