Apache profit plunges on big write-down

Thu Nov 1, 2012 8:17am EDT
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Nov 1 (Reuters) - Apache Corp's profit plunged as the oil and gas producer wrote down the carrying value of its Canadian properties due to weakness in natural gas prices.

The company recorded a $539 million non-cash, after-tax write-down in the quarter.

Net income fell to $161 million, or 41 cents per share, in the third quarter, from $983 million, or $2.50 per share, a year earlier.

Revenue fell 3 percent to $4.18 billion.