This Day On The Street
Continue to site
ADVERTISEMENT
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

Apache Production Back On Line Following Hurricane Isaac And North Sea Platform Maintenance; Current Volumes At Record 800,000 Boepd

HOUSTON, Oct. 3, 2012 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) reported that its Gulf of Mexico production facilities are back online following suspended operations due to Hurricane Isaac. Also, production from North Sea assets has recovered following maintenance activities completed during the third quarter.

As the company enters its fourth quarter reporting period, worldwide production is at an all-time high of approximately 800,000 barrels of oil equivalent per day (boepd)*. In 2011, Apache averaged volumes of 737,000 boepd, adjusted for 11,000 boepd of divestitures last year.

"We remain focused on drilling our extensive inventory of oil and liquids-rich locations as we put the temporary disruptions from August and September behind us," said Rodney J. Eichler, president and chief operating officer. "Our opportunity set has never been richer, with more than 67,000 locations identified onshore the United States. We're currently operating 68 rigs in North America, targeting primarily oil and natural gas liquids formations in the Permian and Anadarko basins, where Apache is among the most active drillers."

Eichler explained that Hurricane Isaac deferred Gulf of Mexico production for six weeks in August and September, impacting third-quarter volumes from the Deepwater, Shelf and Gulf Coast Onshore regions by an estimated 12,200 boepd for the full three-month period. Additionally, planned turnarounds in the North Sea and continued downhole pump issues deferred nearly 12,000 boepd during the third quarter. As a result of these deferrals, third quarter 2012 volumes are projected to be approximately flat compared with prior-quarter volumes of 774,000 boepd.

With current production of 800,000 boepd, a substantial backlog of drilling locations and ample cash flow, Apache is on track to report record production in the fourth quarter of 2012.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs