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Apache IDs 2018 Budget After Q2 Loss; Focuses on Alpine High Activity
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Summary: Apache reported its Q2 2017 results. Highlights from its release / conference call include:
2018 Budget:- Planned 2018 budget of $3.1 billion (same as 2017)
President & CEO John J. Christmann commented: "I'd like to close with a review of our 2018 capital budget and the flexibility we have around this program. Adjusted for the pending divestment of Canada, our planned capital budget for 2018 is $3.1 billion. This plan, which we announced in February, was based on $55 WTI oil and $3 NYMEX gas, and was designed to approximate cash flow neutrality, excluding Alpine High midstream investment."
Q2 Highlights:- Hit by a Q2 Loss: Apache’s second-quarter results were a loss of $79 million or $0.21 per share. Adjusted earnings include the effect of dry-hole costs of $0.08 per share…
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