Alpine Sigh:Apache Writes Off Flagship Gas Project

摘要

Apache is mothballing its Alpine High gas project in West Texas and taking a multibillion write-down on the assets,acknowledging that a play once seen as key to the company’s future will never pan out.The Houston-based independent stopped all drilling in the Alpine High and said it has no plans to return in the near future.Apache took a write-down of $1.4 billion on its Alpine High producing acreage,including the wells and related facilities,and another $528 million write-down on its undrilled acreage there.The company also took a write-down of $1.3 billion on assets related to its Altus Midstream joint venture,set up in partnership with private equity firm Kayne Anderson to build out the pipelines and processing plants needed to bring gas produced from Alpine High to market.