Apache Production Back On Line Following Hurricane Isaac and North Sea Platform Maintenance; Current Volumes at Record 800,000 boepd
HOUSTON, Oct. 3, 2012 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) reported that its Gulf of Mexico production facilities are back online following suspended operations due to Hurricane Isaac. Also, production from North Sea assets has recovered following maintenance activities completed during the third quarter.
As the company enters its fourth quarter reporting period, worldwide production is at an all-time high of approximately 800,000 barrels of oil equivalent per day (boepd)*. In 2011, Apache averaged volumes of 737,000 boepd, adjusted for 11,000 boepd of divestitures last year.
"We remain focused on drilling our extensive inventory of oil and liquids-rich locations as we put the temporary disruptions from August and September behind us," said Rodney J. Eichler, president and chief operating officer. "Our opportunity set has never been richer, with more than 67,000 locations identified onshore the United States. We're currently operating 68 rigs in North America, targeting primarily oil and natural gas liquids formations in the Permian and Anadarko basins, where Apache is among the most active drillers."
Eichler explained that Hurricane Isaac deferred Gulf of Mexico production for six weeks in August and September, impacting third-quarter volumes from the Deepwater, Shelf and Gulf Coast Onshore regions by an estimated 12,200 boepd for the full three-month period. Additionally, planned turnarounds in the North Sea and continued downhole pump issues deferred nearly 12,000 boepd during the third quarter. As a result of these deferrals, third quarter 2012 volumes are projected to be approximately flat compared with prior-quarter volumes of 774,000 boepd.
With current production of 800,000 boepd, a substantial backlog of drilling locations and ample cash flow, Apache is on track to report record production in the fourth quarter of 2012.
* Apache's current worldwide daily production rate is an estimate based on weekly regional reports from company-operated facilities and expected net volumes contributed at oil and gas fields operated by partners.
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. Apache posts announcements, operational updates, investor information and copies of all press releases on its website, www.apachecorp.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. These statements include, but are not limited to, statements about future plans, expectations, and objectives for Apache's operations including statements about our drilling plans and future production. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See "Risk Factors" in our 2011 Form 10-K filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.
SOURCE Apache Corporation