- FORECASTS 15 TO 18 PERCENT NORTH AMERICA ONSHORE LIQUIDS GROWTH
- PERMIAN AND CENTRAL REGION RESOURCE ESTIMATES INCREASED TO 10 BILLION BOE
- SETS WORLDWIDE EXPLORATION AND PRODUCTION BUDGET AT $8.5 BILLION
HOUSTON, Feb. 26, 2014 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq:APA) will provide a comprehensive presentation at its investor conference in Houston today on the company's global operations and its 2014 plans for attractive production growth and competitive returns.
Highlights of Today's Meeting:
"After significantly rebalancing the Apache portfolio in 2013, Apache is repositioned for its next growth phase, which will be driven by repeatable, predictable oil-levered growth from onshore North America and major free cash flow-generating assets operating internationally," said G. Steven Farris, chairman, chief executive officer and president of Apache.
"Since 2009 Apache has built a company-driving portfolio of North American onshore plays. These provide strong returns with visible growth," he said. "We accelerated liquids growth with industry-leading positions in the Permian and Anadarko basins, achieving a 34 percent increase in oil, condensate and natural gas liquids production while replacing 200 percent of our produced reserves in North America during 2013. On a pro-forma basis, North American onshore assets now represent 60 percent of Apache's worldwide production."
Highlights of today's meeting will include:
- Expectations of 15 to 18 percent growth in North America onshore liquids production for 2014;
- An updated resource assessment in the Permian and Central regions of 10 billion barrels of oil equivalent;
- A 2014 capital budget of $8.5 billion for exploration and production activities. This budget is net of the non-controlling interest share in Egypt and excludes expenditures for integrated liquefied natural gas projects;
- Continued momentum as the most active driller in North America; and
- Additional share re-purchases in 2014 under existing $2 billion authorization.
Capital Investment for 2014
"Apache plans to invest $8.5 billion in exploration and production activities in 2014, approximately equal to our expected operating cash flow," Farris said. "Nearly two-thirds of these funds are allocated to Apache's predictable, high-growth assets in North American onshore regions, where we added daily production of 46,500 barrels of oil and condensate in 2013."
During 2013, Apache was the most active driller in onshore North America operating an average of 79 rigs on a daily basis and completing nearly 1,300 wells. Farris said that the company will continue this momentum into 2014.
Investor Day Webcast
Investor Day presentations will be webcast today on the company's website, www.apachecorp.com, beginning at 8 a.m. Central time. The presentations and webcast will be archived on Apache's website.
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom, Australia and Argentina. Apache posts announcements, updates, investor information and all press releases on its website, www.apachecorp.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. These statements include, but are not limited to, statements about future plans, expectations, and objectives for Apache's operations, including statements about our drilling plans and production expectations, resource estimates, asset sales, monetizations and share repurchases. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See "Risk Factors" in our 2012 Form 10-K filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.
Cautionary Note to Investors
The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable, and possible reserves that meet the SEC's definitions for such terms. Apache may use certain terms in this release, such as resources, potential resources, resource estimate, reserves potential and other similar terms that the SEC guidelines strictly prohibit Apache from including in filings with the SEC. Such terms do not take into account the certainty of resource recovery, which is contingent on exploration success, technical improvements in drilling access, commerciality and other factors, and are therefore not indicative of expected future resource recovery and should not be relied upon. Investors are urged to consider carefully the disclosure in Apache's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, available from Apache at www.apachecorp.com or by writing Apache at: 2000 Post Oak Blvd., Suite 100, Houston, Texas 77056 (Attn: Corporate Secretary). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.
SOURCE Apache Corporation