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Markets News

Apache slashes budget again as it posts eighth straight quarterly loss

Nov 4 (Reuters) - U.S. oil producer Apache Corp slashed its annual budget to $1 billion as it reported an eighth straight quarterly loss on Wednesday, hit by lower crude prices as coronavirus-related lockdowns stifled fuel demand.

The company posted a net loss attributable to common stock of $4 million, or 2 cents per share, for the third quarter ended Sept. 30, compared with a loss of $170 million, or 45 cents per share, a year earlier. (Reporting by Shariq Khan in Bengaluru; Editing by Maju Samuel)

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