- 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.