Alpine

The Alpine High in West Texas, where Apache Corp. threw its chips into making the No. 1 prospect in its portfolio, has crashed on low natural gas and liquids prices, forcing the Houston independent to walk away.

Assets across the Lower 48 continued to drive production growth for ConocoPhillips in the third quarter, with output from the global producer’s “Big 3” unconventionals leading the way.

Houston-based Altus Midstream Co., which owns most of the assets servicing Apache Corp.’s Alpine High in the Permian Basin, has exercised an option to acquire a 26.7% stake in the 2 Bcf/d Permian Highway Pipeline (PHP), which when completed could deliver natural gas from West Texas to the Gulf Coast.

With the Alpine High natural gas program basically on autopilot, Apache Corp. is bearing down on developing more liquids and oily resources across the Permian Basin, CEO John Christmann said Thursday.

Apache Corp. has raised its full-year production guidance following a solid performance in the third quarter, propelled yet again by Alpine High development in the Permian Basin, where natural gas volumes climbed 86% from a year ago.

An Apache Corp. subsidiary and ARM Energy Holdings LLC said Monday that Salt Creek Midstream LLC is developing a 445,000 b/d natural gas liquids (NGL) header system in West Texas to serve growing production in the Permian Basin’s Delaware formation.

The United States added three rigs for the week ended Friday, helped by gains in Oklahoma and in the Marcellus Shale, according to data from Baker Hughes Inc. (BHI).

Midstream infrastructure buildout will determine the near-term success for Apache Corp.’s No. 1 target, the Alpine High in West Texas, CEO John Christmann said Thursday.

Apache Corp.’s U.S. production, led by the Alpine High in the West Texas Permian Basin, is forecast to hit the high end of guidance for the fourth quarter, the super independent said Tuesday.