Apache's 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 million barrels of oil equivalent, 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, Apache 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, Apache 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.
In September 2016, Apache announced that after more than two years of extensive geologic and geophysical work, methodical acreage accumulation, and strategic testing and delineation drilling, the company can confirm the discovery of a significant new resource play, "Alpine High." Apache's Alpine High acreage lies in the southern portion of the Delaware Basin, primarily in Reeves County, Texas. Read the release +
To learn more about Apache's operations in Reeve's County, Texas, click here.
|Oil production (Bpd)||79,751||93,048|
|Total liquids production (Bpd)||119,680||128,973|
|Natural gas production (Mcfd)||237,313||246,141|
|Barrels of oil equivalent per day||159,232||165,455|