Bus. Devt: Apache’s Adaptation to the Oil Price Decline
Sponsor: BMO Capital Markets
*Please note that the prices listed in the January GCS Connect newsletter were incorrect. The correct prices are shown here. We apologize for any inconvenience.
Apache has responded to the industry downturn with a comprehensive approach that positions it very well for current and future success. Early in 2015, the company aggressively reduced its activity levels and capital spending to align with the significant decline in oil prices. From peak levels, Apache’s worldwide rig count has declined by approximately 90 rigs. The company has streamlined its portfolio and strengthened its balance sheet through $10.5 billion of non-strategic asset sales in 2014 and 2015. Apache has also realigned its management and organizational structure, resulting in material G&A cost savings. Throughout this period of significant change and evolution, Apache’s asset base and operational teams have continued to deliver, which has resulted in the company consistently exceeding its 2015 world-wide production targets. With a keen focus on maximizing recovery and minimizing costs, Apache is continuing to expand its North America resource opportunity through a combination of 1) acquiring acreage and seismic data at lower costs 2) targeting areas with stacked pay and 3) embracing the financial flexibility provided by its relatively low decline rate and long-life assets.
We welcome you to join us for this informative discussion, as well as the fellowship and networking of the popular Social Hour at 5:00 pm.
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Mark your calanders for the remainder of the 2015 -2016 Season!
2016: February 24, April 6, April 27, May 25, NEW! June 22
Location:
Four Seasons
1300 Lamar St
Houston
,
TX 77010