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Apache Cuts Alpine High Well Costs by 20%; Touts Record Permian Production
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Apache reported its Q1 2018 results.
Highlights:Q1 2018 production of 440 MBOEPD (down -9% YOY and flat from 4Q17)
Achieved U.S. production of 232,000 BOE per day, exceeding guidance by 9,000 BOE per day Delivered record Permian Basin production of 183,000 BOE per day, with oil up 14% and total production up 24% year over year Raising U.S. production guidance range to 250,000 to 258,000 BOE per day, from 245,000 to 255,000 BOE per day.- Cut Alpine High Well Costs: Reduced average Alpine High well costs by 20% from 2017 average (average cost in 2017 was $5.5 million - so new cost is ~$4.4 million)
- North Sea Oil Discovery: Announced oil discovery at Garten prospect in U.K. North Sea with reserve potential in excess of 10 million barrels of oil (APA has a 100-percent working…
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