FIRST ON CBS7: Apache posts $360M loss due to Permian slowdown

HOUSTON, Tx. (KOSA) -- Apache Corp. reported it lost $360 million during the second quarter. The company says the loss is due to it intentionally slowing down output in the Permian Basin because of weak prices and pipeline shortages, according to the Houston Chronicle.

It reported a nearly $200 million profit this time last year.

Apache's $1.6 billion in quarterly revenues also fell 17 percent from almost $2 billion during the second quarter of 2018.

The Houston-based oil and gas producer announced in April it would cut back on natural gas production here in the Permian for an extended period of time due to steep pricing discounts caused by pipeline shortages.