Apache Hits Egypt Output Record Despite Capex Cuts

US independent Apache boosted its gross Egyptian output to 362,000 boe/d in Q3, the highest level in more than three years. Gains came despite swingeing capex cuts.

Apache’s gross oil production hit 216,500 b/d in Q3, up 5% on Q2, with the boost coming from the firm’s late 2014 Ptah and Berenice discoveries. Higher output was “despite a 35% reduction in capital spending year-to-date compared to 2014.” The firm is “do[ing] more, even in a reduced capital environment,” CEO John Christmann says. Given the capex cuts, the firm’s aim going forward is limited to maintaining output at these levels, he adds. (CONTINUED - 498 WORDS)