Apache Corp. (NYSE: APA) released its most recent quarterly results before the markets opened on Thursday. The company said that it had $0.33 in earnings per share (EPS) on $1.64 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $0.22 in EPS and revenue in $1.55 billion. In the same period of last year, Apache posted a net loss of $0.06 per share on $1.45 billion in revenue.

During the fourth quarter, the firm delivered reported production of 440,000 barrels of oil equivalent (BOE) per day and adjusted production of 362,000 BOE per day. Also Apache achieved U.S. production of 222,000 BOE per day, at the high end of guidance.

Looking ahead to 2018, the company is projecting 7% to 13% adjusted production growth worldwide and 9% oil growth in the Permian Basin. The company is also establishing a 2018 capital budget of $3 billion, including $500 million for Apline High midstream.

In terms of the three-year outlook, Apache anticipates a compound annual growth rate of 11% to 13% worldwide, 19% to 22% in the United States and 26% to 28% in the Permian Basin. The company has a planned aggregate upstream investment of roughly $7.5 billion, with a total Alpine High midstream investment of $1 billion.

Consensus estimates call for $0.35 in EPS on $1.57 billion for the first quarter and $1.35 in EPS on $6.59 billion in revenue for the full year.

John J. Christmann IV, Apache’s CEO and president, commented:

2017 was a year of significant progress at Apache marked by several important milestones. In the Permian, we returned to a growth trajectory with notable oil growth in the Midland Basin and commencement of production from Alpine High. We made great technical progress in the Midland Basin increasing lateral lengths and utilizing technology to improve our recoveries and reduce our costs. We consolidated our land position, confirmed additional landing zones, and progressed numerous strategic tests. At Alpine High, we initiated first production ahead of schedule, substantially increased our inventory count, and began to realize operational efficiencies with pad drilling.

Shares of Apache traded early Thursday down more than 8% at $28.61, with a consensus analyst price target of $50.43 and a prior 52-week range of $35.70 to $55.23.

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