REFILE-Apache posts lower profit, targets $4 bln in 2013 asset sale

Thu May 9, 2013 8:12am EDT

May 9 (Reuters) - Apache Corp's first-quarter profit fell 10 percent because of lower prices for crude oil and natural gas liquids, and the Oil and gas producer said it plans to divest $4 billion in assets by the year end.

The company intends to use about $2 billion from the asset sale to reduce debt and enhance financial flexibility, and the remaining $2 billion to repurchase 30 million shares.

Net income fell to $698 million, or $1.76 per share, in the first quarter, from $778 million, or $2 per share, a year earlier.

U.S. crude oil prices fell 8 percent from a year earlier to average $93.83 per barrel during the January-March period.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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