(In Feb. 23 story, removes reference in paragraph 7 to Chevron
raising its budget for the year. Chevron had cut its budget.)
Feb 23 Oil and gas producer Apache Corp
said it would spend 63.2 percent more in 2017 than it did last
year, joining a growing list of U.S. shale producers who are
ramping up spending to take advantage of a recovery in oil
Apache, which reported a smaller loss on Thursday, plans to
spend $3.1 billion in 2017, higher than the $1.9 billion it
spent last year.
The company said it would spend nearly two-thirds of its
budget in Texas' Permian Basin, of which $500 million is
budgeted for infrastructure development in the so-called Alpine
Total production was nearly unchanged at 490,376 barrels of
oil equivalent per day in the fourth quarter.
Apache said last September it had amassed more than 300,000
acres in the field it calls Alpine High, most of which is in
Reeves County, Texas.
U.S. crude prices, which dipped to a low of $26.05 last year
have largely traded above $50 since late November.
This has prompted producers such as Exxon Mobil and
Hess Corp to boost their capital budgets for the year.
Net loss attributable to Apache's common shareholders was
$182 million, or 48 cents per share, in the three months ended
Dec. 31. (bit.ly/2moGRY9)
The company had posted a loss of $4.02 billion, or $10.62
per share, a year earlier, when it incurred one-time charges of
The Houston-based company's total revenue fell about 2
percent to $1.45 billion.
(Reporting by John Benny in Bengaluru; Editing by Savio D'Souza
and Shounak Dasgupta)