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Stock Market & Financial Investment News

News Breaks
January 16, 2014
08:42 EDTAPAApache updates Q4 operations activity and weather impact
Apache reported that downtime caused by severe winter storms and outages at third-party owned infrastructure adversely affected the company's oil and gas Q4 production from its Permian Basin and Central Region operations. Q4 volumes will also reflect recent divestitures by Apache. A production increase of approximately 1,000 boepd or more is expected for the Permian in Q4 compared with Q3, when the region averaged 131,700 boepd. The combination of unusually severe weather, pipeline outages and reduced drilling in the Central Region resulted in a slight decrease in production for Q4 vs. Q3, when the region averaged 94,800 boepd. Apache anticipates asset sale volumes will reflect an approximate 134K boepd reduction in total production volumes from Q3 when adjusting for amounts attributable to the sale of a one-third, non-controlling partnership interest in Apache's Egypt oil and gas operations. The Canadian properties that were sold averaged approximately 18K boepd in Q3.
News For APA From The Last 14 Days
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March 31, 2015
08:13 EDTAPAApache reports results from discoveries in Egypt's western desert
Apache reported strong appraisal- and development-drilling results from Egypt following the previously announced discovery of two new oil fields in the Western Desert. The initial discoveries were announced with the fourth quarter 2014 results on Feb. 12, 2015. Development leases were approved by the Egyptian General Petroleum Corporation and Ministry of Petroleum in record time, taking only 13 days from submission of the development plan for Berenice, and only six days for Ptah. The Berenice and Ptah fields are located in the Faghur Basin along the same fault trend in the Khalda Offset Concession. Exploration and drilling efforts are targeting rock from both the Mesozoic and deeper Paleozoic eras. These targets are a PRIMARY focus for Apache Egypt and have proven successful in this area with oil and gas discoveries made at the nearby Shu-1X, Apries-1X, Bat-1X and Geb-1X wells, although Ptah is the largest new field found in the play thus far. Five wells, including the discovery wells, have been completed to date by Khalda Petroleum Company, Apache's joint-venture company with EGPC. All five wells are producing without the need for fracture stimulation at a combined rate of more than 13,600 barrels of oil per day with first production starting in November 2014. The wells have produced approximately 1 million barrels of oil to date. Apache has invested $14 million to install production facilities and plans to invest another $35 million to handle the forecasted production increase. The Berenice field started producing light oil from the Cretaceous-aged Alam El Buieb formations in November 2014. Three wells are currently producing more than 9,500 bbl/d from a 700-acre drainage area with pay zones that range between 38 feet and 142 feet. The Ptah field started producing light oil from the Paleozoic-aged Shiffah Formation in December 2014. This field also has substantial target zones logged in the AEB-3D/-3E formations that have yet to be tested. In the Shiffah, the field discovery well is currently producing 2,350 bbl/d and a second well started production in March 2015 at a rate of 2,000 bbl/d.
March 23, 2015
10:00 EDTAPAOn The Fly: Analyst Downgrade Summary
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08:15 EDTAPAApache downgraded to Neutral from Buy at Citigroup
Citigroup downgraded Apache to Neutral after resuming coverage of the stock and cut its price target for shares to $60 from $74.

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