Apache Corp. plans to produce more than 1 million barrels of oil equivalent a day in 2016, with U.S. oil production leading its growth, Chief Executive Steve Farris said Thursday.
That year, about 41% of the Houston oil company’s production will come from U.S. onshore fields, up from about 21% currently, the company said. That would make the U.S. the largest source of Apache’s production, surpassing Egypt, currently its most productive asset.
The company in the last quarter produced an average of 769,000 barrels of oil equivalent a day.
“U.S. liquids is going to lead growth,” Mr. Farris said at the company’s annual analyst meeting. “It’s really the beginning of a new life cycle.”
About 58% of Apache’s production will be oil and similar liquids, up from 50% in 2011, the company said.
Apache said it had a new 300,000 acre position in the Williston Basin, where the oil-rich Bakken Shale is located, and 580,000 acres in the Mississippi Lime, an emerging oil region in the central U.S.
The company also has positions in Kenya deep-water blocks, West Texas’s Permian Basin, the Vaca Muerta shale oil formation in Argentina, and the Anadarko Basin in the U.S., among others.
Apache shares were recently up 1.58% at $84.28.
