Oil producer APA Corp. on July 18 warned that its second-quarter oil and gas volumes would fall about 8,000 bbl/d, or 3%, short of guidance following mixed production results from certain wells.
The company anticipates its second-quarter production in the U.S. to be 200,000 boe/d, versus a previous forecast of 206,000 boe/d.
Around 4,000 boe/d of the shortfall is associated with the performance of nonoperated wells, while the rest is due to mixed results from wells that came online during the quarter in the Austin Chalk region in southeast Texas.
APA is also anticipating lower international volumes of 105,000 boe/d, compared with guidance of 107,000 boe/d due to operations in Egypt.
The company is expecting dry hole costs for the quarter of between $37 million and $40 million, before taxes.
For the second quarter, APA expects an average realized U.S. oil price of $111/bbl and international price of $115/bbl, the company said.
2022-07-21 - A Houston-based company is gearing up for a field trial in the Permian Basin to prove technology that aims to produce hydrogen biologically found in the oil reservoirs.
2022-07-21 - Chevron and Cyprus are planning the drilling of a new well in the coming months as part of the continued development of the offshore Aphrodite gas field.
2022-07-21 - Managing well spacing and frac-driven interactions improves efficiencies in unconventional plays. Here’s what the experts of hydraulic fracturing technology say are the current trends.
2022-07-22 - Takeaway constraints for natural gas limit growth opportunities for U.S. shale producers. Here’s a natural gas update featured in the upcoming Hydraulic Fracturing special report.
2022-07-22 - The U.S. oil and gas rig rose two to 758 from the week prior, marking an increase in rig counts for the third week in a row.