This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Apache Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: APA

Moreover, if you count the land drilling rigs operating in the United States from the Rockies to East Coast, Apache has 62 rigs running, which is the second most active operator out of all the independents and majors, and that's only behind Chesapeake, which really has a different focus and business model. I might point out that not a single 1 of the 62 rigs is drilling a gas target. We said we were going to step up our U.S. drilling activity to exploit our large portfolio, and we're doing just that.

Our total reported production in the second quarter was reduced by a 16 -- which is the difference between a hit and a miss on our production growth. We had offline about 16,000 barrels oil equivalent a day. This includes 4,800 barrels a day due to unscheduled downtime at our third-party operated St. James [ph] plant in Kaybob in Canada. We had 2,000 barrels of oil a day down in the Gulf Coast Onshore due to a third-party pipeline outage in the Lake Paige Field, 3,200 barrels of downtime due to unscheduled facility repairs at Grand Isle 43, which is the complex in the Gulf of Mexico, and 6,000 barrels of oil equivalent a day out of service due to ESP failures for this year.

Most of the 16,000 barrels a day is already back on stream or is expected to be back before the end of the year. I know downtime happens as part of our business. The important thing is that we have a robust portfolio. So it really doesn't impact us over the longer term with the performance of the company.

We remain on track to deliver our production growth guidance in 2012 without any need to significantly increase our capital program for the year. We have a very active exploration program through the rest of the year, and we expect to further accelerate our exploration activities in next year and beyond.

Read the rest of this transcript for free on

3 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,590.21 +233.34 1.34%
S&P 500 2,039.82 +26.93 1.34%
NASDAQ 4,703.61 +59.2980 1.28%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs