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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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APA adding sixth drilling rig in Permian Basin in fourth quarter

December 19, 2023 by PBOG

Houston-based APA Corp. recently said its upstream capital investment in fourth quarter is about $500 million, including increased activity in Permian Basin.  APA is adding a sixth drilling rig in 4Q in Permian.  Production of 412,000 boed in 3Q reflects quarterly growth in each operating area, including 10 percent in Permian Basin.  “Good execution and strong well performance in the Permian Basin were the primary drivers of APA’s third quarter results,” John J. Christmann IV, CEO and president, said Nov. 1.  “Adjusted global oil production exceeded the high end of our guidance and was up by 20 percent year over year.”

APA expects total 4Q production will be down slightly because of facility downtime and a decline in natural gas volumes.

Filed Under: PBOG Newsletter, The Financial Picture

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