Apache’s Production Declines Continue During 4Q on Lower Capital Spending; Growth Imminent, However
Apache’s fourth-quarter results were highlighted by another period of strong free cash flow generation, offset by production declines as a result of an ongoing pullback in drilling and completion activity. Nevertheless, we expect Apache to return to growth mode by mid-2017, with the company’s two-year forecast calling for 10% annual companywide growth, led by 50% annual growth across the Delaware and Midland Basins (most of which will be natural gas and natural gas liquids from Alpine High). Out...Apache is an independent energy company that explores for, develops, and produces natural gas, crude oil, and natural gas liquids. The company had exploration and production operations in United States, Egypt, and offshore United Kingdom in the North Sea. The company also has exploration interests in Suriname. The company markets its United States crude oil production to main oil companies, marketing, and transportation companies, and refiners based on a West Texas Intermediate price or other regional pricing indices. The company has two international regions: The Egypt includes onshore conventional assets in Egypt's Western Desert. The North Sea region includes offshore assets based in United Kingdom.
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