Apache stock falls as company takes defensive measures amid oil price declines

Oil and gas company Apache Corp. shares fell 3.8 % in the extended session Wednesday after the company reported losses that were narrower than consensus estimates. Apache reported a net loss of $4.48 billion, which amounts to $11.86 a share, which widened from a loss of $47 million, or 12 cents a share, a year ago. Adjusted for asset impairments, among other items, losses were 13 cents a share. Revenue fell to $1.34 billion from $1.68 billion a year ago. Analysts had estimated adjusted losses of 33 cents a share on sales of $1.31 billion. The company said in March it planned to halve U.S. drilling activity and reduce activity in the North Sea and Egypt. Shares of Apache have fallen 62% in the past year, as the S&P 500 index has gained 2.2%.

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