Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Ditchdigger who wrote (65402)	4/27/2000 5:04:00 PM
From: Think4Yourself	Read Replies (2) of 95453

Why is CHK hedging at such lousy prices? Is their NG sour or otherwise deficient? They are giving up about 10%. Some good news for drillers: Apache raises 2000 capital spending to $700 mln HOUSTON, April 27 (Reuters) - Independent oil and gas company Apache Corp. (NYSE:APA - news) said Thursday it raised its capital spending budget for the year 2000 to $700 million from $600 million. President and Chief Operating Officer Steven Farris said the increase reflected increased exploratory drilling in Australia, Egypt and Canada, and higher levels of drilling in the U.S. Mid-Continent and Gulf of Mexico regions. Ferris told industry analysts in a conference call that Apache would reign in capital spending if oilfield service costs, such as drilling rig rental rates, began to rise sharply. ``They have increased, but we haven't seen anywhere near the increase that we saw in 1997 before oil prices started to collapse,'' he said.

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