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REFILE-Apache posts lower profit, targets $4 bln in 2013 asset sale
May 9, 2013 / 12:10 PM / 5 years ago

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

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.

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