Apache Corp 2021 budget GUIDANCE $1.1 Billion and reported production of 411,000 barrels of oil equivalent (BOE) per day.
- Planning 2021 upstream capital investment budget of $1.1 billion, representing a measured increase of 11% from 2020 actuals; program expected to deliver substantial free cash flow at current strip prices;
- Projecting a modest 4Q 2020 to 4Q 2021 decline in adjusted oil production of approximately 1%; and
- Established compensation-linked ESG goals tied to emissions and water-use targets, including a goal to eliminate routine U.S. onshore flaring by the end of 2021.
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In 2021, Apache plans to invest $1.1 billion in upstream oil and gas capital, approximately $200 million for exploration and $900 million for production and development activities. This capital program will be more than fully funded by internally generated cash flow under an assumed price deck of $45 WTI oil and $3.00 Henry Hub natural gas.
“Our strategic approach remains centered around capital discipline and flexibility. We have established a 2021 capital plan that prioritizes generating free cash flow for debt reduction,” Christmann said. “We will continue to aggressively manage our cost structure, focus on long-term returns over short-term growth, continuously progress our ESG efforts, and advance our global exploration activities, most notably offshore Suriname.”
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Apache Corp Mid-con Well Permits & Wells Spud
The oil and gas industry is highly regulated by Government agencies. One of the responsibilities is to approve well permits. A well permit is the intent of an oil & gas operator to drill a new well. Well permits include oil wells, gas wells, water wells and more..
Spudding is the process of beginning to drill a well in the oil and gas industry. … After the surface hole is completed, the main drill bit—which performs the task of drilling to the total depth—is inserted and this process can also be referred to as “spudding in.”
Apache Corp Mid-con Wells Drilled Last 2 Years Map
Permian Basin is a shale basin about 250 miles wide and 300 miles long, spanning parts of west Texas and southeastern New Mexico. It includes the highly-prolific Delaware and Midland sub-basins.
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About Apache Corp
APA Corporation is the holding company for Apache Corporation, a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 465th on the Fortune 500.