Apache Corp. Ups Capex, Updates Kitimat LNG, Shallow-Water Gulf

摘要

Strong oil prices have prompted Apache Corp. to raise its 2011 capital spending budget by $620 million to $8.12 billion, with the bulk of increases being divided among the Permian Basin, Central US and Western Canada. The Houston-based independent revealed the news at an investor day in New York last week. The increase comes as higher oil production boosted the company's cash flows. At 363,000 barrels per day, first-quarter liquids production was 23.9% higher than the year-earlier period as Apache integrated assets from last year's $12.8 billion acquisition spree (NGW May 2,p8).