Thus far this year, the energy sector has absolutely smoldered. The Energy Select Sector SPDR
Apache's third-quarter results don't deviate far from recent trends. Production, of which 53% was gas, increased 9% over last year. Combined with strong pricing, particularly on the oil side, product revenues reached $2.5 billion, up 21% over last year. GAAP earnings had little to do with economic reality, as can be seen in the disconnect between a 25% rise in operating cash flow and the 5% fall in earnings dutifully reported by the newswires. After adjusting for an accounting quirk, the bottom line rose soundly.
Apache was again rather terse in its release and didn't spell out cost metrics that would easily allow an investor to eyeball its operating efficiency. It's a pretty stark contrast to, say, Burlington Northern Santa Fe
Apache is something of a Goldilocks energy stock: Given its girth, it doesn't run too hot or too cold with the swings in commodity prices, but it does tend to pack more of a punch than a Conoco or an ExxonMobil
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