Apache set to spend $8.5B on E&P in 2014, focus on North America

Apache (APA) says it plans to spend $8.5B on exploration and production this year, with 64% earmarked for drilling more profitable oil wells onshore in North America; APA says it can spend less than last year's ~$10B on E&P because of its smaller asset base.

APA expects its 2014 global oil and gas production to grow 5%-8%; output of crude oil and natural gas liquids from its North American onshore properties are expected to rise 15%-18% this year.

Says it has engaged in "serious discussions" with potential buyers for some of its 50% in the Kitimat liquefied natural gas project in British Columbia; Chevron (CVX) is APA's partner in the project.

APA +1% premarket.

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Comments (4)
  • Maobama
    , contributor
    Comments (508) | Send Message
    The market has spoken. APA -3.50% this morning.
    26 Feb 2014, 10:28 AM Reply Like
  • old resob
    , contributor
    Comments (67) | Send Message
    Rediculous market reaction. I believe APA is the best major oil Co. for growth in the next 3 to 5 years. In my opinion it has an upside to $100 easily. I'm buying!!!
    26 Feb 2014, 09:07 PM Reply Like
  • PalmDesertRat
    , contributor
    Comments (3837) | Send Message
    I'm with you. I don't know about the $100 but it's in good financial shape and dirt cheap. I bot some today at 80.16 and will add more if it drops to the mid 70's
    26 Feb 2014, 09:39 PM Reply Like
  • pnmamike
    , contributor
    Comments (16) | Send Message
    2014 Capital expenditures 100% funded by operating cash flow at $90/bbl.
    2 Mar 2014, 08:37 AM Reply Like
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