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.
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A “significant” oil and natural gas discovery in South America offshore Suriname has uncorked at least seven distinct plays, joint owners Apache Corp. and Total SA said Tuesday.
Presidio Investment Holdings LLC, a portfolio company of Morgan Stanley Energy Partners, has acquired Apache Corp.’s oil and natural gas producing properties that were within the Anadarko Basin of Texas, Oklahoma, and Kansas.
Apache Corp., which is working to balance its ample natural gas production in the Permian Basin with more oil and liquids, hit a record 248,000 boe/d in the West Texas-New Mexico play during the first quarter, 36% higher year/year and up 5% sequentially.
Apache Corp. on Tuesday said it initiated natural gas production volume deferrals in late March from its Alpine High play in the Permian Basin of West Texas, in response to “extremely low prices at Waha hub,” with current deferrals representing 250 MMcf/d of gross output.
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. is reducing its 2019 capital spending plans by 23% year/year, but it still is guiding U.S. natural gas and oil production to increase by 8%, the Houston independent said.
Clay Bretches has been appointed CEO of Permian Basin pure-play Altus Midstream Co., formed in 2018 by Apache Corp. and Kayne Anderson Corp. Bretches also will serve as Apache senior vice president (SVP) of U.S. midstream operations. Brian Freed, who has been Altus CEO since its inception, will continue as Apache SVP, midstream and marketing. Bretches previously was CEO of Sendero Midstream and served in various leadership roles at Anadarko Petroleum Corp. He holds a bachelor of science degree in petroleum engineering from Texas A&M University and a master’s degree in business from The University of Texas at Austin.
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.