Apache Projects 2000 Production, Reserve Adds
HOUSTON, Sept. 20 /PRNewswire/ -- Apache Corporation (NYSE: APA) reaffirmed today that the company expects to increase its 2000 production by approximately 25 percent and reserves by approximately 20 percent above 1999 levels.
Speaking at the Dain Rauscher Wessels Energy Conference here, Lisa A. Stewart, executive vice president of business development and E&P services, also estimated the company's 2000 capital spending at $850 million, not including the $867 million it has already spent on acquisitions.
"Our balance sheet remains strong," Stewart said. "Assuming that commodity prices remain near current levels and we make no further acquisitions, we expect to end the year with more than $1.4 billion in borrowing capacity and a debt-to-capitalization level of 33 percent," Stewart said.
Updating attendees on Apache's most recent acquisitions, Stewart said, "Our aggressive exploitation of these assets continues. Year-to-date, we have drilled more than 150 wells on our most recently acquired properties, with plans for 260 more wells by the end of December."
Apache Corporation is a leading gas and oil independent with operations in the United States, Canada, Egypt, Western Australia, Poland and China.
To view the entire presentation, go to the "News" section of Apache's web site at www.apachecorp.com.
This news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, expectations, beliefs, plans and objectives regarding commodity strip price projections and Apache's production, reserves, operational performance and costs, earnings and earnings multiple, cash flow and cash flow multiple and share price. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are delays and difficulties in developing currently owned properties, possible sales and purchases of producing properties, the failure of exploratory drilling to result in commercial wells, delays due to the limited availability of drilling equipment and personnel, fluctuations in oil and gas prices, general economic conditions and the risk factors detailed from time to time in Apache's periodic reports and registration statements filed with the Securities and Exchange Commission.
SOURCE Apache Corporation
CO: Apache Corporation
ST: Texas
IN: OIL
SU:
09/20/2000 10:30 EDT prnewswire.com |
