* Asset sales to reduce 4th-qtr production by 134,000 boepd
* Output slightly decreased in Texas Panhandle and Western
* Permian production increased only by about 1,000 boepd
Jan 16 Oil and gas producer Apache Corp
said severe winter hurt output at its operations in Oklahoma,
Texas and New Mexico in the fourth quarter.
Apache did not provide an overall output estimate for the
Mizuho Securities estimated the company's output at 655,000
barrels of oil equivalent per day (boepd) for the three months
ended Dec. 31.
Apache produced 784,000 boepd in the third quarter.
The company halted some operations because of storms in late
November and early December. Widespread power cuts and icy roads
slowed down the resumption of production.
Energen Corp, Pioneer Natural Resources Co
and its unit Pioneer Southwest Energy Partners have also
said severe weather in the United States hurt production.
Pipeline outages and downtime caused by severe weather
offset an increase in output in the Permian Region, which spans
New Mexico and Texas, Apache said.
The company estimated that Permian production increased by
about 1,000 barrels of oil equivalent per day (boepd) during the
fourth quarter. Output there had shot up by about 8,400 boepd
during the third quarter.
Apache said output slightly decreased in the Central Region,
comprising Texas Panhandle and Western Oklahoma, but did not
give an estimate. Fewer rigs drilling in the region also weighed
Mizuho Analysts said they were modeling a 4 percent
production growth for the region.
Apache said asset sales also hurt fourth-quarter output.
The timing of the company's stake sale in Egypt was largely
responsible for the 6 percent drop in Mizuho's estimate for
Apache's fourth-quarter production.
Apache sold a 33 percent stake in its Egypt oil and gas
business to Sinopec International Petroleum Exploration and
Production Corp for $3.1 billion.
Besides, the deal in Egypt, Apache expects the divestment of
its Gulf of Mexico shelf operations and the sale of some
Canadian assets to reduce quarterly production by 134,000 boepd
from the third quarter.
Apache shares were up 1.4 percent at $85.65 on the New York
Stock Exchange on Thursday afternoon.