Tuesday, March 8, 2011

Apache reported 2010 annual results; Production up 13% over 2009; Projected annual growth rate of 13%-15% in 2011

Apache reported annual average production of nearly 658,000 boepd, up 13% from the last year. Liquids production increased 18%, and this, combined with higher oil prices, drove Apache to record earnings of $3.0 billion for 2010. The company added 827 MMboe or 344% of production, through discoveries, extensions and acquisitions. Approximately 245 MMboe, or 102% of 2010 production, in reserve additions came through drilling.

2010 Highlights:

-- 125% reserve growth, replacing 344% of production; 102% through drilling; Record annual production for North America and international

-- Van Gogh and Pyrenees, two oil fields offshore Western Australia, commenced production in February 2010, reaching payout by October and December, respectively

-- Established new regions in the deepwater Gulf of Mexico, Gulf Onshore and Permian Basin, and expanded in Egypt, Canada, and the Gulf of Mexico Shelf.

-- Plan to invest $7.5 billion for 2011 annual year

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