On strong natural gas pricing and demand, APA Corp. is back to work drilling its first pad since 2019 in the Alpine High in the Permian Basin of West Texas.

APA

The Houston-based super independent works all over the world, with the Permian its No. 1 U.S. profit maker. The Alpine High at one time was APA’s top global prospect. However, when gas prices fell and oil prices strengthened, the more lucrative oil and liquids were prioritized. 

APA isn’t going whole hog in Alpine High, but the executive team made clear during the recent third quarter 2022 earnings conference call that the gas-rich formation fits nicely into future plans.

CEO John Christmann during the quarterly call said activity levels in the Permian and the prized Egyptian assets are “now at levels capable of...