Oil producer Apache missed 4th quarter production target

Source: Xinhua| 2018-01-10 13:07:39|Editor: Liu
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HOUSTON, Jan. 9 (Xinhua) -- U.S. oil producer Apache Corp. said Tuesday its crude production in the fourth quarter will fall short of its previous goal after the shutdown of the Forties Pipeline System in the British North Sea.

The Houston oil producer said its international output will likely come in around 140,000 barrels of oil equivalent a day in the fourth quarter 2017, about 10 percent lower than originally estimated, and it is heading into 2018 pumping less oil and gas than it expected.

Apache's U.S. oil production was in line with expectations, close to 224,000 barrels of oil equivalent a day.

At Alpine High in West Texas, the U.S. Apache said it hit its production target of more than 25,000 barrels of oil equivalent a day by the end of last month.

After the release of figures, Apache shares went down about 3 percent at 44.52 U.S. dollars in Tuesday afternoon trading.

Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the British North Sea.