Apache reins in capex

Offshore staff

HOUSTONApache Corp. is cutting its global capex this year by 60% following a net loss of $7.2 billion in 4Q 2015.

The company has budgeted $1.4-1.8 billion, adjustable depending on the oil price and cash flow, of which around 55% will be directed at international and offshore operations.

During 4Q, Apache’s UK North Sea production averaged 72 MMboe/d, 2% down on the previous quarter. The company brought online three development wells, two in the Beryl area and one in the Forties field.

Throughout 2015, Apache North Sea drilled 23 development wells with an overall success rate of 83%, while the company sold its non-operated interest in the producing Scott-Telford fields.

02/26/2016

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