Nov. 01–Houston’sApache Corp. aggressively pushed for growth in its Permian Basin developments to deliver a third-quarter profit.
Despite some negative tax impacts, Apache reported an $81 million net gain for the quarter that jumped up from $63 million last year. Minus the tax impacts, Apache said it would have made $244 million in adjusted earnings.
Apache operated 18 rigs in the Permian Basin during the quarter — eight in its developing Alpine High region, six in the Midland Basin and four more in the Delaware Basin outside of Alpine High.
“Apache continued our strong performance in the third quarter of 2018, delivering 31 percent growth in U.S. production year over year,” Apache Chief Executive John Christmann said. “The Permian Basin continues to be the key driver, with oil production up 16 percent and total production up 38 percent year over year.”
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