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G. Steven Farris, Apache CEO
Apache has reported a 66 percent fall in net income in the first quarter due to asset sales last year in the Gulf of Mexico and Argentina.

The Houston-based company earned $236 million from 1 January to 31 March, down two-thirds from the $698 million earned in the same period of 2013.

Apache said that the bulk of the drop could be attributed to $517 million in income from stopped operations in Argentina.

Revenues also fell from $3.19 billion to $2.81 billion.

Total worldwide daily production averaged just under 640,000 boepd, down from last year’s 738,000 boepd.