Forecast - Production | Capital Markets | Capital Expenditure
Apache Bets on Permian, North Sea for 2016; Bulk of Acreage HBP
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Apache Corp. has reported its 2016 capital budget and production outlook.
2016 Plans Capital Expenditure: $1.4-1.8 billion No rig or well plans released Majority of North America onshore acreage HBP (does not view spending on development wells as a necessary or prudent use of limited dollars at current oil prices)
John J. Christmann IV, Apache’s chief executive officer and president, said, "With current 2016 strip prices 30 to 35 percent below year-ago levels, we believe a conservative plan and a flexible capital spending program are paramount to protecting the financial position we have worked hard to establish over the last 18 months. Accordingly, we are reducing our 2016 total capital program to $1.4 to $1.8 billion, which the company will adjust up or down to align with actual…
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