- Apache (NYSE:APA) +3.1% premarket after reporting better than expected Q4 earnings and a nearly 10% Y/Y rise in quarterly revenues.
- APA says it delivered Q4 production of 440K boe/day and adjusted production of 362K boe/day, including U.S. output of 222K boe/day, at the high end of company guidance.
- Q4 Permian Basin production rose 10% Q/Q and achieved a record, exceeding the previous high set two years ago.
- APA plans 2018 capex of $3B, including $500M for Alpine High, where the company began sales in 2017 and increased production to 25K boe/day by year-end 2017.
- APA forecasts 7%-13% adjusted production growth in 2018, with 9% oil growth in the Permian.
- Year-end 2017 proved reserves totaled 1.2B boe, down from 1.3B boe at year-end 2016, mostly due to the sale of Canadian assets; the company replaced 124% of 2017 production.
- Now read: Apache's Alpine High: My Trip To The Field - It's All About The Pipes
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