* Current output 800,000 boepd
* Says "on track" for record production in fourth quarter
* Third-quarter output seen flat with second quarter
Oct 3 Apache Corp said its Gulf of
Mexico operations are back on line after being suspended during
Hurricane Isaac, and the oil and gas company forecast record
production in the fourth quarter.
Still, disruptions from the storm and maintenance at the
Houston company's North Sea operations hurt third-quarter
output, and production is forecast to be flat with the prior
quarter, Apache said.
Production from North Sea assets has also resumed in full
following maintenance completed during the third quarter, the
Houston-based company said on Wednesday.
Apache said its worldwide production is at an all-time high
of about 800,000 barrels of oil equivalent per day (boepd). In
2011 it averaged 737,000 boepd, adjusted for 11,000 boepd of
divestitures last year.
"With current production of 800,000 boepd, a substantial
backlog of drilling locations and ample cash flow, Apache is on
track to report record production in the fourth quarter of
2012," it said in a press release.
Apache is currently operating 68 rigs in North America,
targeting primarily oil and natural gas liquids formations in
the Permian and Anadarko basins in Texas and nearby states.
Hurricane Isaac disrupted Gulf of Mexico production for six
weeks in August and September, reducing third-quarter oil and
gas volumes by about 12,200 boepd in the quarter.
Also, planned turnarounds in the North Sea and maintenance
issues cut third-quarter output by nearly 12,000 boepd.
Third-quarter volumes are projected to be flat compared
with second- quarter volumes of 774,000 boepd. In the year-ago
third-quarter, Apache had oil and gas output of 752,000 boepd.
Analysts at Houston-based energy investment bank Simmons &
Co had expected Apache to report third-quarter production of
Shares of Apache fell 64 cents to $85.91 in morning New York
Stock Exchange trading. The stock was outperforming a 2.0
percent decline in SIG oil company index.