May 3, 2012 / 12:32 PM / 5 years ago

UPDATE 1-Apache profit dips despite higher output

* Q1 EPS ex-items of $3.00 lags Wall St view of $3.09

* Oil and gas production of 769,000 BOE per day

* Shares dip slightly in premarket trading

May 3 (Reuters) - Oil and gas producer Apache Corp on Thursday posted a drop in first-quarter profit from a year earlier, hurt by charges to write down the value of some natural gas properties in Canada.

Net income for the first quarter was $778 million, or $2.00 per share, versus $1.1 billion, or $2.86 per share, in the year-ago quarter.

Excluding one-time items such as the $390 million writedown of the Canadian properties, earnings per share were $3.00, lagging analysts’ average forecasts of $3.09, according to Thomson Reuters I/B/E/S.

Oil and gas production rose to 769,000 barrels of oil equivalent (boe) per day, compared with 732,000 BOE a year ago.

Shares of Apache dipped less than 1 percent to $93.50 in premarket trading.

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