May 6, 2020 / 8:57 PM / 3 months ago

Apache Corp posts quarterly loss as value of oil assets drops

May 6 (Reuters) - U.S. oil producer Apache Corp reported a first quarter loss on impairment charges to some of its older wells in the Permian Basin, the top U.S. oil field, as a historic price crash sinks the value of oil properties.

Apache reported a quarterly loss of $4.5 billion or $11.86 per diluted common share cents per share compared with a loss of $47 million or 12 cents per share for the same period last year.

Shale oil producers in North America are grappling with the worst oil price shock in decades, which has led several companies, including Apache, to cut spending for the year and slash dividends. (Reporting by Jennifer Hiller; editing by Jonathan Oatis)

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