Apache Corp. (NYSE: APA) detailed its fourth quarter 2013 operations on Jan. 16, noting that severe winter weather led to power outages at third party-owned infrastructure. This affected the company’s Permian Basin and central U.S. oil and gas production, Apache said. “Widespread” outages rolled across West Texas and New Mexico throughout November and December, and icy roads delayed operations resumption, the company said. In the Texas panhandle and in western Oklahoma, drilling activity was scaled back as part of capital discipline, the company added.
As a result, the quarter’s production increase of roughly 1,000 barrels of oil equivalent per day (BOE/d) was behind the third quarter’s. Third quarter 2013’s production averaged 131,700 BOE/d, Apache said.
In the fourth quarter only 25 rigs, instead of 31, were used in Texas panhandle and western Oklahoma drilling as part of capital discipline, the company said. The reduced drilling, paired with bad weather and downtime, resulted in quarterly production below 94,800 BOE/d, the company added.
Fourth quarter volumes reflected recent asset sales, the company said. Apache’s divestment of Gulf of Mexico shelf operations closed Sept. 30, its divestment of some Canadian assets closed late September and mid-October and its divestment of one-third minority participation in Egypt operations closed Nov. 14, the company said. These assets averaged 91,200 BOE/d, 18,000 BOE/d and 147,000 BOE/d respectively, the company said.
Sale volumes show a roughly 134,000 BOE/d reduction from the third quarter, the company added.
Apache Corp., based in Houston, is an oil and gas E&P company that operates worldwide.
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