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Apache Mulls Upping Permian Spending for 2016 as Oil Recovers
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Apache Corporation announced its financial and operational results for the first quarter of 2016.
Key Points:John J. Christmann IV, Apache's chief executive officer and president, said,"Our substantial well-cost reductions, coupled with the recent improvement in oil prices, have created a better investment environment. As we become more confident in the sustainability of higher oil prices and the resulting increase in cash flow relative to our $35-per-barrel plan, we will increase our capital investment program accordingly. The majority of any additional investment would most likely go to the Permian Basin."
During the first quarter, Apache averaged 24 operated rigs and drilled and completed 79 gross-operated wells worldwide (North America Onshore: 10 rigs / 47 gross-operated wells…- ✓ Full news archive — U.S., Canada & international coverage
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