Apache Corp. - Analyst/Investor Day

The first one is going to be Liard. It's a play that we started 2 or 3 years ago. We have 400,000 acres up in British Columbia. We've got 3 wells drilled. I will tell you it's probably the best shale -- gas shale play in the world. We think that we have about 48 Tcf of gas. Certainly, with gas prices struggling right now, we have takeaway issues. But in terms of just resource, with the 1 well we drilled horizontal, we put 6 fracs on it. It's going to go to 18 Bcf of gas, came on at 22 million a day, a tremendous resource.

We've also, over the last 1.5 years, been putting acreage together in Mississippian Lime. We now have 580,000 acres in that play, 100%. Leasing has not caught up to us, so we're done leasing there in terms of costs. We also got a play in the Williston Basin, it's on the western side of the Bakken play. Interestingly, when -- we've added about 300,000 acres, interestingly, our biggest competitor up there on the west side of us was Exxon. And then we're going to go through some of the stuff we're doing in the Cook Inlet in Kenya.

We've been able to build a lot of strength in this company over the last 10 years -- actually over the last 57 years. This is -- whether it's production per share, reserve per share, cash flow per share, earnings per share. We've been able to deliver on what we've said we've been able to do or could do. So what you're going to see is really the current evolution of Apache. We've gone through a lot of life cycles in our company, and the current life cycle is probably the most exciting because it's in front of us. We have an expanded liquids play in North America. We have global exploration. And although we're not going to talk a lot about it today, we have 2 LNG projects. The Wheatstone will come on in 2017, and we're projecting that the Kitimat project will come out at around that same time frame.

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