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

Feb. 26, 2014 8:30 AM ETAPA Corporation (APA) StockBy: Carl Surran, SA News Editor4 Comments
  • Apache (NASDAQ: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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