• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 2 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 3 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 2 hours The Quick Read On MBS's Tour of Pakistan, India And China
  • 43 mins Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 1 hour Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 2 hours BMW to add 2,000 more jobs at Dingolfing plant
  • 3 hours Iran Starts Gulf War Games, To Test Submarine-Launched Missiles
  • 21 hours Amazon’s Exit Could Scare Off Tech Companies From New York
  • 18 hours Itt looks like natural gas may be at its lowest price ever.
  • 4 hours Saudi A to Splash $100 Bln on India
  • 6 hours Washington Eyes Crackdown On OPEC
  • 12 hours NEW FERUKA REFINERY
Alt Text

The Ultimate Tool To Prop Up Oil Prices

Investor interest in the oil…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Trending Discussions

Apache Announces Possible 3 Billion Barrel Crude Discovery In West Texas

The Houston-based oil firm Apache announced a massive new discovery on Wednesday, which it claims could supply every refiner on the Gulf Coast of the United States for a year, according to a new report by Bloomberg.

The Alpine High discovery, confirmed after two years of testing, could contain three billion barrels of oil and 75 trillion cubic feet of rich gas, a company press release said.

"Today's announcement is the culmination of more than two years of hard work by the Apache team,” John J. Christmann IV, Apache's chief executive officer and president, said in the statement. "While other companies have focused on acquisitions during the downturn, we took a contrarian approach and focused on organic growth opportunities.”

The site - which cost Apache $1,300 per acre for 352,000 gross acres - sits in the southern portion of the Delaware Basin in western Texas.

So far, the firm has identified 2000-3000+ drilling sites in just two of the five formations the site includes, namely Woodford and Barnett.

"Our announcement today represents a significant addition to our already deep and highly economic Permian Basin position,” Christmann said. “With the contribution of Alpine High to our global portfolio of world-class international and North American assets, Apache clearly has more profitable-growth opportunities than at any other time in the company's 60-year history.”
The oil major’s shares rose by nine percent to $56.17 in early morning trading on Wednesday in response to the announcement, coming back down to $55.33 near 2:00EST. Related: Dakota Access Pipeline Saga Turns Violent

Last month, Apache announced a $244 million net loss for the second quarter of 2016, missing investor forecasts that predicted an unprofitable three months, but at lower margins.

The company’s production rates have been low this year, as the Permian basin – one of Apache’s major drilling areas – recovers rigs slowly and steadily.

Apache’s total global oil and gas production averaged 535,456 barrels of oil equivalent per day last quarter, down from 579,827 boed for the second quarter of 2015.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Teddy on September 07 2016 said:
    Almost a half a trillion dollars just for the acreage? Highly economical? Riiiiiiight.
  • steeple on September 07 2016 said:
    Teddy, you are off by a factor of 1000

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News