May 9 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
U.S. crude oil prices fell 8 percent from a year
earlier to average $93.83 per barrel during the January-March