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Apache to focus strong on North America reserves in 2014

Feb. 27, 2014 at 7:51 AM
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HOUSTON, Feb. 27 (UPI) -- U.S. energy company Apache Corp. plans to focus its strategy for 2014 on oil and natural gas basins in North America, company chairman G. Steven Farris said.

Apache said it expects to increase its activity in North America by more than 15 percent this year. Its inland assets in the region account for about 60 percent of its global operations.

"Apache is repositioned for its next growth phase, which will be driven by repeatable, predictable oil-levered growth from onshore North America," Farris said in a statement Wednesday.

Farris, who also serves as chief executive officer, said his company was the most active driller in North America last year, completing nearly 1,300 wells.

Last month, the company said "unusually severe weather" caused disruptions to its pipeline activity and other operations in the Permian basin, which is spread out over western Texas and New Mexico.

Fourth-quarter production in the region increased from the previous quarter by around 1,000 barrels of oil equivalent per day. That's in contrast to the third-quarter production increase of 8,400 barrels of oil equivalent from the second quarter.

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