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Apache Bets on Permian for 2017; Ups Budget 55% to $3.1B
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Apache announced its financial and operational results for the fourth quarter and full year 2016 as well as its 2017 outlook.
2017 Outlook Key Points: 2017 capex of $3.1 billion (up +55% from $2.0 billion for 2016) 65% of capex (~$2.0 billion) will be spent on the new Alpine High play in the Permian Basin $900 to be spent on North Sea / Egypt operations 2017 Capital Budget DetailThe company’s budgeted oil and gas capital investment for 2017 is $3.1 billion. This level of investment will exceed planned cash flow from operations, but given the depth of its attractive opportunities, Apache believes increased investment is strategically important for the year. Based on current strip pricing, the remaining outspend will be funded primarily by proceeds from non-core asset sales, more…
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