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.