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Apache profit plunges on big write-down
November 1, 2012 / 12:26 PM / in 5 years

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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