(Source: Shutterstock.com)
APA Corp. curtailed more natural gas and NGL output than previously anticipated due to commodity price weakness.
APA, the parent company of Apache Corp., curtailed approximately 103 MMcf/d of U.S. natural gas production during the third quarter “in response to weak or negative Waha hub prices,” the company updated investors on Oct. 9.
The company also curtailed an estimated 10,000 bbl/d of NGL production during the quarter, which were mostly associated with voluntary gas curtailments. In July, APA said it anticipated curtailing around 90 MMcf/d of gas production and around 7,500 bbl/d of NGL output.
APA’s third-quarter U.S. natural gas production realized average sales prices of $0.15/Mcf; the company realized $3.30/Mcf on sales of its international gas volumes.
The company’s U.S. NGL volumes sold at average realized prices of $20.75/bbl, compared to international NGL pricing of $45.75/bbl.
During the third quarter, APA also sold non-core assets in the Permian’s Central Basin Platform for $950 million.
The divested properties had an estimated net production of 21,000 boe/d (57% oil) at the time of the announcement.
APA is engaged in a divestiture campaign after closing a $4.5 billion acquisition of Permian E&P Callon Petroleum on April 1.
RELATED
Recommended Reading
The Aggregators: Avant’s Winning Formula to Deliver Returns
2025-02-07 - Avant Natural Resources buys small, sells big and is loving every minute of it.
ConocoPhillips Sells $600MM in Noncore Permian Basin Assets
2025-02-06 - Following its $22.5 billion deal to buy Marathon Oil, ConocoPhillips is targeting $2 billion in asset sales— a goal a company executive said would largely be achieved this year.
Trans Mountain Says Projects Could Expand Pipeline Capacity by 300,000 bbl/d
2025-02-06 - Trans Mountain is looking at expansion projects in the short and long terms that could add between 200,000 bbl/d and 300,000 bbl/d of capacity to the company's system.
PotlatchDeltic Enters Lithium, Bromine Lease Agreement in Arkansas
2025-02-06 - PotlatchDeltic’s agreement with gives Tetra Brine Leaseco covers about 900 surface acres in Lafayette County, PotlatchDeltic says.
Mach Prices Common Units, Closes Flycatcher Deal
2025-02-06 - Mach Natural Resources priced a public offering of common units following the close of $29.8 million of assets near its current holdings in the Ardmore Basin on Jan. 31.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.