HOUSTON, April 1, 2011 /PRNewswire/ -- Apache Corporation announced today that the company will build a compressed natural gas (CNG) refueling station for the ecoparkfleet of buses that carry passengers to and from the city's economy parking lots at Houston's Bush Intercontinental Airport.
The station is expected to be ready for service in 60-90 days.
"At Apache, we are convinced that clean-burning natural gas must be a bigger part of the solution to America's ever increasing reliance on imported crude oil, while reducing pollution caused by other, more carbon-intensive fuels used in transportation and power generation," said G. Steven Farris, Chairman and Chief Executive Officer at Apache.
Mr. Farris noted that the new CNG station is a win-win solution. It provides for a better environment in Houston as natural gas burns cleaner than diesel or gasoline. It's an abundant, domestic fuel source–with estimates of a 100-year supply. Developing domestic supplies also provides for local jobs that produce a more economic fuel. Filling up a tank with CNG is a fraction of the cost compared with gasoline or diesel.
"CNG is a better way to move people and goods than our traditional petroleum fuels. In fact, at Apache we're doubling down on our use of CNG. This year we're going to double the size of our CNG-powered vehicle fleet and double the number of CNG stations we operate. To encourage further CNG use, we're also implementing an incentive program to encourage our employees to acquire CNG vehicles," he said.
At year-end 2010, Apache had seven CNG stations and 111 CNG-fueled vehicles among its fleet in Texas, Oklahoma and Louisiana. Apache also is planning to allow public access to its CNG stations at four facilities, which will be located in Houston, Lafayette, Midland and Tulsa.
Apache Corporation (NYSE,Nasdaq: APA) 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 common stock is listed on the New York Stock Exchange and quoted on the NASDAQ National Market under the symbol APA. Apache posts announcements, updates and investor information, in addition to copies of all recent press releases, on its website www.apachecorp.com.
Important information concerning forward-looking statements
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. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our most recently filed Annual Report on Form 10-K, on our Web site and in our other public filings and press releases. Apache Corporation believes that expectations to conclude transactions and other agreements associated with the Houston airport CNG project are based on reasonable assumptions including, without limitation, expectations, beliefs, plans and objectives regarding the development of the facility. No assurance, however, can be given that such expectations, beliefs, plans and objectives will prove to have been correct. Apache cautions that the facility may not proceed or could be completed later than anticipated. The company undertakes no obligation to publicly update or revise any forward-looking statements.
SOURCE Apache Corporation