Apache 2nd-qtr profit falls; plans to exit some LNG projects

Thu Jul 31, 2014 8:24am EDT
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July 31 (Reuters) - Apache Corp, a U.S. oil and gas company under pressure from activist investor Jana Partners, reported lower quarterly profit on Thursday and said it plans to sell its interest in two liquefied natural gas projects (LNG).

Apache said it intends to completely exit the Wheatstone LNG project in Australia and Canada's Kitimat LNG project. Apache is also evaluating its international assets and exploring multiple opportunities, including a potential separation, it said.

The Houston company reported a second-quarter profit of $505 million, or $1.31 per share, compared with $1.02 billion, or $2.54, in the same period a year earlier. (Reporting by Anna Driver; Editing by Jeffrey Benkoe)