Apco Oil and Gas International, Inc. reported net income of $23.5 million, or $0.80 per share, in 2009. This was about flat with the net income of $23.8 million, or $0.81 per share, reported for 2008.
Apco Oil and Gas International, Inc. reported revenue of $72.7 million for 2009, up from $69.1 million in 2008. The company attributed the increase to higher oil and gas sales and higher realized prices for natural gas, offsetting weak year-over-year oil prices.
Ralph Hill, the CEO of Apco Oil and Gas International, Inc., said, “Our track record of successful drilling in our core properties in the Neuquen basin helped increase our oil sales volumes for the year, which more than offset a six-percent decrease in oil prices.”
Apco Oil and Gas International, Inc. is an oil and gas exploration and production company focused on Latin America. The company has 11 areas of exploration and development in Argentina, and 2 in Colombia.
In 2009, Apco Oil and Gas International, Inc. spent $20.5 million in capital to develop the Lomas, Bajada del Palo and Aqua Amarga concessions. The company plans further expenditures in 2010.