Oil and gas producer Apache sets lower 2016 capex; loss widens

Thu Feb 25, 2016 8:17am EST
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Feb 25 (Reuters) - Apache Corp set a 2016 capital budget more than 60 percent lower than its 2015 expenditure and the oil and gas producer reported a bigger quarterly loss due to $5.9 billion in writedowns and impairment charges.

The company said on Thursday it planned to spend $1.4 billion-$1.8 billion this year.

The net loss attributable to Apache's common shareholders widened to $7.21 billion, or $19.07 per share, in the fourth quarter ended Dec. 31 from $4.81 billion, or $12.78 per share, a year earlier.

(Reporting by Amrutha Gayathri in Bengaluru; Editing by Kirti Pandey)