Apache CEO Shares Insight On Permian’s Alpine High

Oct 11 18:10 2018 Print This Article

HOUSTON—When Apache Corp. (NYSE: APA) stepped into the Delaware Basin’s Alpine High area in 2015, the company’s perceptions did not come off as a ringing endorsement: complex geology with uneconomic dry gas, infrastructure assets with minimal value and a lack of endorsement from the industry.

But today’s reality, as outlined by Apache CEO John Christmann, has put those perceptions to rest.

“What we’ve proven today is we’ve got 6,000-ft column and multiple targets, high BTU gas and improving oil production as well and there is a lot of wet gas,” Christmann told a crowd gathered for RBN Energy’s PermiCon. “We now have decades of high-return inventory that we are excited about.”

Plus, Apache’s equity ownership in Altus Midstream, a joint venture (JV) partnership with midstream investor Kayne Anderson Acquisition Corp. (NASDAQ: KAAC), is valued at about $2.5 billion based on a share price of $10. The asset mix includes gathering and processing and potential JV long-haul pipelines, according to Apache.

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