Overall CapEx down 23%
By Richard Rostad, analyst, Oil & Gas 360

Apache (ticker: APA) announced 2019 guidance today, showing the company’s response to the Q4 2018 oil price downturn.

Like several other E&P companies, Apache has reduced its expected 2019 CapEx, and now plans to spend $2.4 billion in the year. This is a dramatic reduction from the company’s previous plans, as in its Q3 release Apache predicted spending $3 billion in 2019. Apache spent about $3.1 billion in 2018, so this budget represents a 23% decrease.

Apache estimates 70% to 75% of spending will be allocated in the U.S. The company’s Permian position represents the vast majority of Apache’s U.S. activity and production, so Apache could spend up to $1.8 bil...

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