Apache posts $2.9B loss in fourth quarter - Houston Business Journal:

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billion loss in the fourth quarter aftedr takinga $3.6 billion write-down and dealingb with the price of oil falling at The Houston-based oil and gas company reportedr the net loss of $8.80 per on revenue of $1.9 for the three monthsa ended Dec. 31, 2008. That compared with net incom of $1.1 billion, or $3.19 per share, on revenuee of $3 billion, for the same quarter a year prior. Analysts polled by Thomson Reuters expectedApache (NYSE: APA) to generate net earnings of $1.26 per share.
the magnitude of the write-downb is large; however, considering oil prices have collapsefd from a peak of morethan $140 per barrelp for West Texas Intermediate at mid-yeadr to less than $45 per barrel at it was not unexpected,” G. Steven Apache chairman and chief executive said ina statement. “Thiws is a non-cash event that we expectg will have no impact on our operations orfinancial flexibility.” For the net income was $711 million, or $2.09o per share, on revenue of $12.5 billion, compared with net income of $2.8 million, or $8.30 per share, on revenue of $9.9 billion, in 2007.