Apache Completes Midcon Asset Sales; Provides Second-Quarter Supplemental Information and Schedules Results Conference Call f...
July 18 2019 - 6:34PM
Apache Corporation (NYSE, NASDAQ: APA) today announced the
completion of asset sales in the midcontinent and provided
supplemental information regarding certain second-quarter 2019
financial and operational results.
Asset salesIn May and July, Apache closed the
sale of noncore assets in two separate transactions, comprising
$612 million of net proceeds, subject to customary closing
adjustments. A portion of the proceeds from these asset sales
was used to retire $150 million of bonds that matured in early
July.
The asset sales reflect the company’s exit from the Western
Anadarko Basin and the previously announced exit from the
SCOOP/STACK play. Production from the divested assets averaged 33
thousand barrels of oil equivalent (Mboe) per day in the first
quarter of 2019, approximately 90 percent of which consisted of
natural gas and natural gas liquids. Apache anticipates that it
will report production of approximately 32 Mboe per day from the
Midcontinent-Gulf Coast region for second-quarter 2019.
Management will update its 2019 production guidance, including
the impact of these asset sales, when it reports second-quarter
results on July 31, 2019.
Supplemental quarterly informationTo further
assist analysts with their second-quarter earnings models, the
company is providing the following estimates:
Estimated Average Realized Prices – 2Q19 |
|
Oil (bbl) |
NGL (bbl) |
Natural Gas (Mcf) |
United States |
$57.25 |
$13.25 |
$0.55 |
International |
$68.50 |
$33.25 |
$3.00 |
Egypt tax
barrels: |
23-25 MBoe per
day |
Realized gain on derivatives (before tax): |
$13 million |
Unrealized loss on derivatives (before tax): |
$21 million |
Dry hole costs (before tax) |
$20-25 million |
Second-quarter 2019 earnings callApache
Corporation will host its second-quarter 2019 results conference
call on Thursday, August 1, 2019, at 10 a.m. Central time. The
company will issue its earnings release after the market close on
Wednesday, July 31. 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
also be available for playback by telephone for one week beginning
at approximately 4 p.m. Central time, August 1. To access the
telephone playback, dial (855) 859-2056 or (404) 537-3406 for
international calls. The conference access code is 7693326.
About ApacheApache Corporation is an oil and
gas exploration and production company with operations in the
United States, Egypt and the United Kingdom. Apache posts
announcements, operational updates, investor information and copies
of all press releases on its website, www.apachecorp.com, and on
its Media and Investor Center mobile app.
Forward-looking statementsThis news release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements can be identified
by words such as “anticipates,” “intends,” “plans,” “seeks,”
“believes,” “estimates,” “expects,” “guidance,” “outlook,”
“projects,” “will,” and similar references to future periods. These
statements include, but are not limited to, statements about future
plans, expectations and objectives for Apache’s operations,
including statements about our capital plans, drilling plans,
production expectations, asset sales, and monetization. While
forward-looking statements are based on assumptions and analyses
made by us that we believe to be reasonable under the
circumstances, whether actual results and developments will meet
our expectations and predictions depend on a number of risks and
uncertainties which could cause our actual results, performance,
and financial condition to differ materially from our expectations.
See "Risk Factors" in our 2018 Form 10-K filed with the U.S.
Securities and Exchange Commission (“SEC”) for a discussion of risk
factors that affect our business. Any forward-looking statement
made by us in this news release speaks only as of the date on which
it is made. Factors or events that could cause our actual results
to differ may emerge from time to time, and it is not possible for
us to predict all of them. We undertake no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future development or otherwise, except as may be
required by law.
ContactsInvestor: (281)
302-2286 Gary ClarkMedia:
(713) 296-7276
Phil
West
Website: www.apachecorp.com
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