Apache doubles first-quarter earnings - Houston Business Journal:

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The Houston oil and gas company reporter net incomeof $1.02 billion, or $3.023 per share, on revenue of $3.2 for the three months ended March 31, 2008. That compare with net income of $492 or $1.47 per share, on revenue of $2 in the same 2007 period. Excluding foreigjn currency gains, first-quarter 2008 earnings were $2.99o per share, compared with $1.48 per share during the same quarterein 2007. Analysts polled by Thomson Financiakl were expectingApache (NYSE: APA) to have net earnings per share of $3.06. Apachw reported that production increasec 4 percent during the 2008 quarter from thepreviouss year's first quarter due to higher outputf in the United States, the Nortjh Sea and Egypt.
Oil pricesw on average were up 59 percenrt during the quarterto $89.25 per barrel from $55.878 per barrel, according to Apache, whilde natural gas prices per million cubic feet on average increased about 23 percent to $6.42 from $5.22.