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

|About: Apache Corporation (APA)|By:, SA News Editor

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.