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Apache Corporation (NYSE:APA) announced today that their international growth fueled record 2009 production of 583,000 barrels of oil equivalent per day. This is a significant gain of 9 percent from 2008.
"Although we reduced capital expenditures by about 40 percent from 2008 levels to achieve our goal of living within our cash flow, Apache increased production by 9 percent and ended 2009 with $2 billion in cash," said Apache's Chairman and CEO, Steven Farris. "In 2010, we anticipate continued growth of 5 to 10 percent as we ramp up drilling activity across our portfolio and commence production from earlier discoveries."
"We are off to a fast start in 2010, with eight consecutive successful wells in the Gulf of Mexico and first oil production from our Van Gogh Field discovery in
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including 2009 growth, revenue for the second quarter and year of 2009 and gross margin for the second quarter and year of 2009. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of intense competition, the continuation or worsening of current economic conditions and the condition of the domestic and global credit and capital markets.
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