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.
Articles from Christmann
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.
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.
Operators large and small are pushing the envelope to extract more oil and natural gas from the rocks in the U.S. onshore, all the while keeping their eyes on reducing costs. It’s not easy, according to top executives of super independent Apache Corp. and privately held Liberty Resources.
Apache Corp.announced several executive changes effective Jan. 1, 2014. COORod Eichleris transitioning to two newly created roles: executive adviser to the chairman and CEO of liquefied natural gas projects and upstream, as well as oversight of gas monetization, and corporate health, safety, environment and emergency response. Permian Basin Region Vice PresidentJohn Christmannis to become COO of North America. International Operations EVPTom Voytovichis becoming COO of International, whileMike Bahorich, chief technology officer, also assumes responsibility for exploration and production technology. Argentina Region Vice PresidentMichael Bosewould take over the Permian Region, whileDavid Chi, manager of Argentina production, would become interim region vice president.Rob Johnstonis to become vice president of the Central Region.