In 2020, Apache spent $988 million on upstream projects, sharply below its original estimate of as much as $1.9 billion.
OILMONSTER.COM- U.S. oil producer Apache Corp reported a smaller-than-expected fourth-quarter loss on Wednesday and raised its spending forecast, as commodity prices recovered from pandemic-lows.
Brent crude prices averaged around $45 in the last three months of 2020 after hitting record lows earlier, as vaccine rollouts built confidence about travel demand bouncing back to pre-pandemic levels.
Despite the rising prices, Apache said it expects oil production to fall by a percent this year, joining rival Occidental Petroleum Corp in predicting a decline as the companies focus on balance sheet clean-ups instead of pumping more oil.
The company raised its project spending forecast to $1.1 billion for this year as oil prices have improved since its previous outlook of keeping upstream expenses below a billion dollars.
In 2020, Apache spent $988 million on upstream projects, sharply below its original estimate of as much as $1.9 billion.
Apache’s adjusted loss of 5 cents per share was smaller than analysts’ average expectation of an 11 cents loss.
Courtesy: www.reuters.com
United States Crude Oil Prices | |||
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COMMODITY | PRICE | CHANGE | |
Alabama Heavy Asphaltic Sour | 64.94 | -1.73 | |
Alabama Light Sour | 72.16 | -1.92 | |
Alabama Light Sour Womack Hill Type | 55.28 | +5.30 | |
Alabama Light Sweet | 77.16 | -1.92 | |
Alabama/ Florida Panhandle | 72.22 | 0.00 |
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