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Apache: US Oil To Lead Company's Production Growth

--Apache unveils large positions in the Williston Basin, Mississippi Lime --Production to exceed 1 million barrels of oil equivalent in 2016, from 769,000 boe/d in 1Q --Liquids production will amount to 58% of total, versus 50% in 2011 By Angel Gonzalez HOUSTON-- Apache Corp. (APA) plans to produce more than 1 million barrels of oil equivalent a day in 2016, with U.S. oil production leading its growth, Chief Executive Steve Farris said Thursday. That year, about 41% of the Houston oil company's production will come from U.S. onshore fields, up from about 21% currently, the company said. That would make the U.S. the largest source of Apache's production, surpassing Egypt, currently its most productive asset. The company in the last quarter produced an average of 769,000 barrels of oil equivalent a day. "U.S. liquids is going to lead growth," Mr. Farris said at the company's annual analyst meeting. "It's really the beginning of a new life cycle." About 58% of Apache's production will be oil and similar liquids, up from 50% in 2011, the company said. Apache said it had a new 300,000 acre position in the Williston Basin, where the oil-rich Bakken Shale is located, and 580,000 acres in the Mississippi Lime, an emerging oil region in the central U.S. The company also has positions in Kenya deep-water blocks, West Texas's Permian Basin, the Vaca Muerta shale oil formation in Argentina, and the Anadarko Basin in the U.S., among others. Apache shares were recently up 1.58% at $84.28. Write to Angel Gonzalez at angel.gonzalez@dowjones.com

Stock News for Apache (APA)
DateTimeHeadline
04/04/201412:38:13North Sea Crude Loadings to Drop During May Maintenance
03/31/201409:50:51Apache to Sell Western Canada Assets for $374 Million
02/26/201408:59:45Apache Sets $8.5 Billion Capital Budget for 2014 Exploration...
02/14/201413:44:45Apache President Plank Retires, Leon Named Finance Chief
02/12/201419:33:09Apache to Sell Argentina Operations to YPF for $800 Million...
02/12/201417:48:17Apache to Sell Argentina Operations to YPF for $800 Million
01/30/201409:39:39Apache Sees Continued Growth in Egypt's Western Desert in 2014
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11/15/201308:55:36Highbridge Capital Management 3Q 13F: Holdings As -2-
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11/15/201308:22:25Janus Capital Management 3Q 13F: Largest Purchases -2-
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11/15/201308:12:57Fidelity Management & Research Co. 3Q 13F: Holdings As Of Sep...

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