OREANDA-NEWS. August 07, 2014. Apache Corporation (NYSE, Nasdaq: APA) announced second-quarter 2014 earnings of USD 505 million or USD 1.31 per diluted common share and adjusted earnings, which exclude certain items that impact the comparability of results, of USD 644 million or USD 1.67 per share.

For the same period in the prior year, Apache's earnings were USD 1 billion or USD 2.54 per diluted common share and adjusted earnings were USD 813 million or USD 2.04 per share. Net cash provided by operating activities totaled approximately USD 2.3 billion in second-quarter 2014, compared with USD 2.8 billion in the prior year, with cash from operations before changes in operating assets and liabilities totaling USD 2.2 billion, compared with USD 2.6 billion in second-quarter 2013. Prior-year results reflect contributions from properties that have been divested, including producing assets in the Gulf of Mexico, Canada, Argentina and a noncontrolling interest in Egypt.

"Record-setting performance by our Permian Region continues to drive strong results for the company," said G. Steven Farris, chairman, chief executive officer and president of Apache. "Apache's onshore North American liquids production increased 18 percent on a pro forma basis in the second-quarter 2014 compared with the same period a year ago," he said.

"We are excited about our initial results in emerging plays in the East Texas Eagle Ford and Canyon Lime in the U.S., and the Montney and Duvernay in Canada," Farris said. "We continue to broaden and advance our compelling North American onshore portfolio.

"During the quarter, Apache took additional steps in focusing on North American onshore liquids growth by completing the sale of the non-producing Lucius and Heidelberg deepwater developments and divesting selected, primarily gas-producing properties in western Canada and South Texas. This brings our divestments over the last year to USD 10 billion," he said.

Apache also returned additional capital to shareholders, purchasing 14.9 million shares of Apache common stock on the open market during the first six months of 2014, including 8.9 million shares during the second quarter at an average price of USD 87.30.