Apache Corp. (NYSE: APA) reported fourth-quarter and full-year 2015 results before markets opened Thursday. For the quarter, the independent oil and gas producer posted an adjusted net loss of $0.06 on revenues of $1.26 billion. In the same period a year ago, the company reported earnings per share (EPS) of $0.88 on revenues of $2.68 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for a net loss of $0.47 and $1.42 billion in revenues.

For the full year, Apache posted adjusted a net loss per share of $0.34 on revenues of $6.37 billion, compared with EPS of $5.21 on revenues of $12.8 billion in 2014. Analysts were looking for a net loss of $0.69 and revenues of $6.71 billion.

On a GAAP basis, Apache posted a quarterly net loss of $19.07 and a full-year loss of $61.20. The big hit came on non-cash property write-downs and impairments, which cost the company $11.56 and $2.80 per share, respectively. Total non-cash charges for the quarter came to $2.43 billion.

For the year, property write-downs totaled $43.75 and impairment charges totaled $3.60 per share. Total non-cash charges for the year totaled $9 billion.

Looking ahead, Apache estimates 2016 capital spending of $1.4 billion to $1.8 billion with about 45% allocated to onshore North American operations. The total represents a drop of 60% year over year and more than 80% compared with 2014 capex.

CEO John J. Christmann IV said:

During 2015, we completed several important portfolio-related transactions and used the proceeds from asset sales to significantly improve our liquidity and financial position. We reacted quickly to the lower price environment by dramatically reducing our activity levels and taking decisive steps to attack our overhead, operating and capital costs. … In 2016, we plan to be cash flow neutral after dividends and believe this can be achieved at $35 oil with minimal non-core, non-producing asset sales. Our target is for net debt at the end of 2016 to be unchanged or lower than it was at the end of 2015.

Apache now expects 2016 pro forma production of 433,000 to 453,000 barrels of oil equivalent per day, down 7% to 11% compared with 2015 pro forma production of 486,000 barrels a day. North American production is forecast to fall 12% to 15% to a range of 263,000 to 273,000 barrels a day.

Analysts have estimated a first-quarter net loss per share of $0.69 and revenues of $1.23 billion. For the full year, the consensus calls for a net loss of $0.69 and revenues of $6.71 billion.

Apache’s shares were down 3% on Thursday at $37.44, in a 52-week range of $32.20 to $71.87. The consensus price target on the shares is $46.21.

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