Press release
Apache Corporation Provides Second-Quarter Supplemental Information and Schedules Results Conference Call for July 30, 2020, at 10 a.m. Central Time
HOUSTON, July 15, 2020 (GLOBE NEWSWIRE) -- Apache Corporation (Nasdaq: APA) today provided supplemental information regarding certain second-quarter 2020
About this update from Apa Corporation
[{"type":"text","content":"HOUSTON, July 15, 2020 (GLOBE NEWSWIRE) -- Apache Corporation (Nasdaq: APA) today provided supplemental information regarding certain second-quarter 2020 financial and operational results.\n Supplemental quarterly informationTo further assist analysts with their second-quarter earnings models, the company is providing the following estimates: Average Realized Prices – 2Q20 Oil (bbl)NGL (bbl)Natural Gas (Mcf) United States$23.00$7.75$1.10 International$27.50$20.50$2.50 Egypt tax barrels:Not meaningful Realized loss on commodity derivatives (before tax):$36 million Unrealized loss on commodity derivatives (before tax):$111 million Dry hole costs (before tax):$22-25 million Second-quarter 2020 curtailed productionApache did not provide production guidance for the second-quarter 2020 due to the many uncertainties associated with the global pandemic and other external factors affecting markets and operations. Given the increased volatility of oil, natural gas, and natural gas liquids prices, Apache elected to curtail production in selected areas of operation. During the second-quarter 2020, Apache curtailed between 23-25 Mboe/d of production in the United States, of which approximately 18-19 Mboe/d was attributable to Alpine High. Internationally, approximately 10 Mboe/d of oil and gas production was curtailed in the North Sea. As part of Apache’s organizational re-design implemented this year, asset teams have replaced the regional-based reporting model. Beginning with the second-quarter, Apache’s production and other data will be reported under the headings United States, Egypt, and U.K. North Sea. Selected financial and operational data from specific assets may also be disclosed at management’s discretion in order to provide investors additional information pertaining to underlying business performance. Second-quarter 2020 earnings callApache Corporation will host its second-quarter 2020 results conference call on Thursday, July 30, 2020, at 10 a.m. Central time. The company will issue its earnings release after the market close on Wednesday, July 29. The full text of the release will be available on the company's website at www.apachecorp.com. The conference call will be webcast from Apache's website at www.apachecorp.com and investor.apachecorp.com, and the webcast replay will be archived there as well. The conference call will ...