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Apache may have struck big in West Texas

Apache, Texas oil discovery

DALLAS (AP) — A Houston driller is boasting of a big new oil and gas discovery in West Texas. Apache Corp. believes there could be 3 billion barrels of oil and 75 trillion cubic feet of natural gas in an area it calls Alpine High. The company announced its discovery Wednesday after two years of drilling in the largely undeveloped ...

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Anadarko approached Apache with offer that was rejected – source

NEW YORK – U.S. oil and gas exploration and production company Anadarko Petroleum Corp has approached Apache Corp with a potential acquisition as low crude oil prices prompt companies to seek merger partners, according to a person familiar with the matter. The prolonged slump in crude oil prices has stirred talk of consolidation among U.S. shale companies, however so far ...

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Apache shareholders approve proxy access proposal

HOUSTON – Apache Corp shareholders approved on Thursday a proposal to allow minority shareholders to nominate directors to the board of the company, a leading U.S. shale oil producer. Apache’s board had recommended investors back the measure, unlike boards at some other companies that have resisted a push being led by public pension funds to give shareholders a choice about ...

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ConocoPhillips expects output to rise 13 pecent in next 3 years

ConocoPhillips expects production to climb 13 percent to touch 1.7 million barrels of oil equivalent per day (mmboed) in 2017. The company, whose forecast excludes output from Libya, produced 1.5 mmboed in 2014, a 4 percent rise from 2013. ConocoPhillips said on Tuesday it expects output to grow 2-3 percent in 2015. It did not specify a growth rate for ...

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N. Sea Forties Echo platform shut after collision

LONDON – The Forties Echo platform in the North Sea has been shut after being hit by a supply vessel, a spokesman for operator Apache North Sea said on Monday. Fifteen workers were taken off the platform and transferred to the nearby Forties Bravo platform following the collision, which happened at about 0840 GMT on Monday morning, the spokesman said. ...

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US shale leader EOG Resources confidence no match for cheap oil

WILLISTON, N.D., Feb 19 – One of the strongest leaders of the U.S. shale revolution has been humbled by plunging oil prices. EOG Resources Inc slashed its 2015 budget on Wednesday amid cheap crude prices and said its output will not grow this year, mere months after confidently saying it was strong enough to weather the downturn without cutbacks. Its ...

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Basin producers cut 49 rigs

derrick

The Permian Basin’s oil producers continued to pull back this week, releasing 49 drilling rigs in the region as they seek to wait out oil prices hovering below $50 per barrel. The drop accounted for half the land drilling rigs shed nationwide. The Permian Basin now has 368 rigs running after several weeks of dramatic cuts. The regional benchmark Plains-West ...

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Former Apache CEO to collect $12 million cash for retirement

HOUSTON – Steve Farris, who retired on Tuesday as Apache Corp’s <APA.N> chief executive, stands to collect about $12 million in salary and bonus over the next three years as part of his retirement package. Farris, who will act as a consultant to Apache for the next 36 months, will collect his $1.75 million salary during that time. He will ...

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Oil companies merge, make cuts

CARLSBAD – As oil prices fall below $50 per barrel, more companies are cutting costs through layoffs. Oil companies are also merging or acquiring other companies to reduce their own workforce. Matador Resources Co., based out of Dallas, announced Tuesday in a news release that it has acquired Harvey E. Yates Co. out of Roswell, which includes “certain oil and ...

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