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Price pressure forces nat gas production delay at Apache's Alpine High

Apr. 23, 2019 8:26 AM ETAPA Corporation (APA) Stock, KNTK StockBy: Carl Surran, SA News Editor6 Comments
  • Apache (NASDAQ:APA) says it will delay natural gas production from its Alpine High play in the Permian Basin because of "extremely low prices" at the Waha hub; current deferrals represent ~250M cf/day of gross gas production.
  • APA anticipates relatively wide and volatile natural gas price differentials in the Permian until the Gulf Coast Express pipeline enters service.
  • APA says its planned rig count and well completions remain unchanged, and it reiterates year-end 2019 Alpine High exit rate guidance of more than 100K boe/day.
  • Altus Midstream (ALTM) says it will update 2019 gathering and processing volumes when APA has more clarity on the potential duration and magnitude of production deferrals.
  • Spot prices at Waha, where prices for gas in the Permian Basin are set, fell to a record low of negative $4.28/MMBtu in early April; it traded yesterday at $0.318/MMBtu.

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