Apache Corp budgets $2.4 billion in 2019, a decrease of 22%

2/27/2019

Editors Note: Included below is an edited view of Apache's report, referencing upstream related results. For the full report, please visit the company's website.

HOUSTON -- Apache Corporation has announced its financial and operational results for the fourth-quarter and full-year 2018. 

Fourth-quarter 2018 highlights

  • Delivered reported production of 482,000 boepd; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 421,000 boepd, in-line with guidance;
  • Achieved U.S. production of 283,000 boepd; Permian oil production was 99,000 boepd, exceeding guidance;
  • Posted international reported production of 199,000 boepd; adjusted production of 138,000 boepd driven by North Sea which achieved its highest quarterly production rate in two years; and
  • Reported $1 billion in net cash from operating activities and adjusted EBITDAX of $1.1 billion.

Full-year 2018 highlights

  • Delivered reported production of 466,000 boepd; adjusted production was 395,000 boepd, which was in-line with guidance and represented a 13 percent increase over 2017;
  • Achieved U.S. production of 261,000 boepd and Permian oil production of 91,000 boepd, an increase of 27% and 18% respectively;
  • Created Altus Midstream Company to fund ongoing planned midstream investments at Alpine High while also retaining a majority stake and operational control;
  • Reported $3.8 billion in net cash from operating activities; adjusted EBITDAX of $4.9 billion, which represented a 30% increase over 2017;
  • Reduced total debt for the fourth consecutive year; and
  • Returned nearly $1 billion, or 25% of net cash from operating activities, during the year to investors through buybacks, debt reduction and the company’s 54th consecutive year of dividend payments.

2019 outlook

  • Established 2019 upstream capital budget of $2.4 billion, a decrease of 22% from 2018;
  • Updating annual adjusted production guidance to 425,000 to 440,000 boepd, from a previous range of 410,000 to 440,000 boepd; and
  • Reiterating fourth-quarter 2019 exit rate guidance of 6 to 10% production growth worldwide, 12 to 16% in the United States (U.S.), and 5% for Permian oil from fourth-quarter 2018 levels.

 

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