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May 1 (Reuters) - U.S. oil and gas producer Apache Corp missed analysts’ estimates for quarterly profit on Wednesday, as lower crude and natural gas prices offset higher output from the Permian basin in the United States and the UK North Sea.
Average price per barrel of oil fell 10 percent, while gas prices dropped 17 percent per cubic feet in the first quarter ended March 31, the company said.
Apache temporarily halted production at its Alpine High assets in the Permian basin late in March, curtailing output of about 250 million cubic feet of natural gas per day, responding to extremely low prices.
The lower prices offset a 19 percent jump in adjusted production to 436,713 barrels of oil equivalent per day (boepd).
Apache, which also operates in Egypt, reiterated its 2019 forecast of production growth of 6 percent to 10 percent and capital expenditure target of $2.4 billion.
The Houston-based company said adjusted earnings fell to $38 million, or 10 cents per share, in the first quarter ended March 31, from $124 million, or 32 cents per share, a year earlier.(bit.ly/2IVoAAU)
Analysts had on average expected a profit of 12 cents per share.
Revenue fell 6.4 percent to $1.64 billion.
Shares fell 2.2 percent to $30.21 in after-hours trading.
Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila