Apache Corporation Provides Second-Quarter Supplemental Information and Schedules Results Conference Call for July 30, 2020, ...
July 15 2020 - 4:30PM
Apache Corporation (Nasdaq: APA) today provided supplemental
information regarding certain second-quarter 2020 financial and
operational results.
Supplemental quarterly informationTo further
assist analysts with their second-quarter earnings models, the
company is providing the following estimates:
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Average Realized Prices – 2Q20 |
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Oil (bbl) |
NGL (bbl) |
Natural Gas (Mcf) |
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United States |
$23.00 |
$7.75 |
$1.10 |
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International |
$27.50 |
$20.50 |
$2.50 |
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Egypt tax barrels: |
Not meaningful |
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Realized loss on commodity derivatives (before tax): |
$36 million |
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Unrealized loss on commodity derivatives (before tax): |
$111 million |
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Dry hole costs (before tax): |
$22-25 million |
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Second-quarter 2020 curtailed productionApache
did not provide production guidance for the second-quarter 2020 due
to the many uncertainties associated with the global pandemic and
other external factors affecting markets and operations. Given the
increased volatility of oil, natural gas, and natural gas liquids
prices, Apache elected to curtail production in selected areas of
operation.
During the second-quarter 2020, Apache curtailed between 23-25
Mboe/d of production in the United States, of which approximately
18-19 Mboe/d was attributable to Alpine High. Internationally,
approximately 10 Mboe/d of oil and gas production was curtailed in
the North Sea.
As part of Apache’s organizational re-design implemented this
year, asset teams have replaced the regional-based reporting model.
Beginning with the second-quarter, Apache’s production and other
data will be reported under the headings United States, Egypt, and
U.K. North Sea. Selected financial and operational data from
specific assets may also be disclosed at management’s discretion in
order to provide investors additional information pertaining to
underlying business performance.
Second-quarter 2020 earnings callApache
Corporation will host its second-quarter 2020 results conference
call on Thursday, July 30, 2020, at 10 a.m. Central time. The
company will issue its earnings release after the market close on
Wednesday, July 29. The full text of the release will be available
on the company's website at www.apachecorp.com. The
conference call will be webcast from Apache's website at
www.apachecorp.com and investor.apachecorp.com, and the webcast
replay will be archived there as well. The conference call will
also be available for playback by telephone for one week beginning
at approximately 4 p.m. Central time, July 30. To access the
telephone playback, dial (855) 859-2056 or (404) 537-3406 for
international calls. The conference access code is 6166527.
About ApacheApache Corporation is an oil and
gas exploration and production company with operations in the
United States, Egypt and the United Kingdom, and exploration
activities offshore Suriname. Apache posts announcements,
operational updates, investor information and copies of all press
releases on its website, www.apachecorp.com.
Forward-looking statementsThis 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,” “continues,” “could,” “estimates,” “expects,”
“guidance,” “may,” “might,” “outlook,” “possibly,” “potential,”
“projects,” “should,” “will,” “would,” and similar references to
future periods, but the absence of these words does not mean that a
statement is not forward-looking. These statements include, but are
not limited to, statements about future plans, expectations and
objectives for Apache’s operations, including statements about our
capital plans, drilling plans, production expectations, asset
sales, and monetizations. 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 2019 Form 10-K and
in our quarterly reports on Form 10-Q filed with the Securities and
Exchange Commission for a discussion of risk factors that affect
our business. Any forward-looking statement made by Apache 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. Apache undertakes 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.
Contacts |
|
Investor: |
(281) 302-2286 |
Gary Clark |
Media: |
(713) 296-7276 |
Phil West |
Website: |
www.apachecorp.com |
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