Page 14

The following table sets out a brief comparative summary of certain key 2015 data for each of our operating areas. Additional data and discussion is provided in Part II, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-K.

Production (In MMboe) United States . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . Total North America . . . . . . . Egypt(1) . . . . . . . . . . . . . . . . . . . North Sea . . . . . . . . . . . . . . . . . . Other International . . . . . . . . . . . Total International . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . (1)

91.6 24.7 116.3 53.0 26.0 – 79.0 195.3

Percentage of Total Production

Production Revenue (In millions)

Year-End Estimated Proved Reserves (In MMboe)

$2,636 498 3,134 1,969 1,280 – 3,249 $6,383

847 280 1,127 302 135 – 437 1,564

47% 13 60 27 13 – 40 100%

Percentage of Total Estimated Proved Reserves

54% 18 72 19 9 – 28 100%

Gross Wells Drilled

Gross Productive Wells Drilled

506 38 544 122 26 1 149 693

492 38 530 109 21 – 130 660

Includes production volumes, revenues, and reserves attributable to a noncontrolling interest in Egypt.

North America Apache’s North American assets are primarily located in the Permian Basin, the Anadarko basin in western Oklahoma and the Texas Panhandle, Gulf Coast and the offshore Gulf of Mexico areas of the U.S., and in Western Canada. North America Onshore Overview We have access to significant liquid hydrocarbons across our 10.7 million gross acres onshore in the U.S. and Canada. Approximately 55 percent of this acreage is undeveloped. Additionally, 58 percent of Apache’s worldwide equivalent 2015 production and 72 percent of our estimated year-end proved reserves were in our U.S. and Canada onshore regions. Over the past several years, Apache’s drilling activity has centered on our North America onshore assets, which delivered liquids growth of 4 percent during 2015 excluding the impacts of divestitures. To manage our development efforts across our acreage positions within North America, our onshore assets are divided into a few key regions: Permian, MidContinent/Gulf Coast, and Canada. Permian Region Our Permian region controls over 3.3 million gross acres with exposure to numerous plays across the Permian Basin. Apache is one of the largest operators in the Permian Basin, with more than 14,300 producing wells in 163 fields, including 58 waterfloods and seven CO2 floods. The Permian region’s year-end 2015 estimated proved reserves were 684 MMboe, representing 44 percent of the Company’s worldwide reserves. Total region production for 2015 was up 6 percent sequentially, despite operating an average rig count of 12 compared to 40 rigs in the prior year. The reduced rig count reflected the Company’s decisive action to reduce capital spending in response to rapidly declining commodity prices. During the year, we drilled or participated in drilling 378 wells, 217 of which were horizontal, with a 97 percent success rate. In recent years, the region has been testing numerous formations and building a large inventory of horizontal opportunities in several plays across our acreage position. In 2015, we ran a streamlined capital program that focused on efficiency improvements, downspacing and other strategic tests to further delineate several plays. Production growth was driven by Wolfcamp wells in the Barnhart, Wildfire and Azalea areas of the Southern Midland Basin, the Bone Spring development program in the Delaware basin, and Yeso drilling on the Northwest shelf. In addition, the region continued to manage its completion inventory as costs continued to fall throughout the year.

3

Apache 2015 Summary Annual Report  

Adapting to a changing environment

Read more
Read more
Similar to
Popular now
Just for you