Apache Corporation Announces North American Update

Apache Corporation (NYSE:APA) provided an update for investors on Thursday, forecasting that North American onshore liquids would experience a growth of 12 to 16 percent, with production growing eight to 12 percent. The company also announced that it had agreed to sell non-core southern Louisiana and certain Anadarko Basin oil and gas assets for roughly $1.4 billion.

According to the press release, highlights include:

• Apache forecasts 2015 North American onshore liquids growth of 12 to 16 percent when adjusted for 2014 asset sales. On a barrel of oil equivalent (BOE) basis, the company projects 2015 North American onshore production growth of 8 to 12 percent. This forecast assumes a preliminary North American onshore exploration and production capital budget of approximately $4 billion.
• The company presented a five-year compounded annual production growth outlook for onshore North American liquids of 12 to 16 percent and 8 to 12 percent on a BOE basis.
• During 2014, Apache has added more than 300,000 acres of leasehold in key growth plays.
• The company has substantially increased its drilling inventory in the Eagle Ford and Canyon Lime plays of Texas to more than 3,000 and 800 locations, respectively.
• The company has agreed to sell non-core southern Louisiana and certain Anadarko Basin oil and gas assets for approximately $1.4 billion in two separate transactions.

G. Steven Farris, chairmain, chief executive officer and president, said:

We have made great progress in strategically positioning our North American onshore portfolio for high growth and high returns. We continue to focus on growing liquids production from our deep inventory of North American resource locations. Proceeds from today’s announced asset sales will be used primarily to fund our 2014 leasehold acquisition program, which has added significant acreage within our primary focus areas.

Click here to read the Apache Corporation (NYSE:APA) press release