In 2021, Apache Corporation moved to a holding company structure under APA Corporation, the public company trading on the Nasdaq stock exchange. APA acquired the Suriname and Dominican Republic subsidiaries from Apache. Apache Corporation is a direct, wholly-owned subsidiary of APA and continues to hold assets in the U.S., subsidiaries in Egypt and the U.K., and economic interests in Altus Midstream Company and Altus Midstream LP.
In North America, the company's exploration and production interests are focused in the Gulf of Mexico, the Gulf Coast, East Texas, the Permian basin, the Anadarko basin and the Western Sedimentary basin of Canada. Outside of North America, APA have operations in the United States, Egypt’s Western Desert and the United Kingdom’s North Sea and exploration opportunities offshore Suriname.
Reserves and production
Worldwide estimated proved reserves totaled 874 million BOE at year-end 2020. More than 91% of estimated proved reserves at year-end 2020 were classified as proved developed. During the year, the company added approximately 78 million BOE in field extensions and discoveries. Production and divestitures reduced proved reserves by 161 million and 9.6 million BOE, respectively. Negative price revisions, partially offset by positive performance revisions, further reduced proved reserves by 45 million BOE.
APA reported production of 411,000 barrels of oil equivalent (BOE) per day in 2020. Adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 365,000 BOE per day.
In 2021, APA anticipate an upstream capital budget of $1 billion or less, which is based on a WTI oil price of approximately $40 per barrel, and a Henry Hub natural gas price of $2.75. In this price environment, capital allocation priorities will be similar to 2020. The company's DUC completion program should stabilize Permian oil volumes at a level consistent with fourth-quarter 2020 levels, while Egypt and the North Sea will likely see modest declines. API has strategically chosen to direct a significant portion of their upstream capital investment to their large-scale opportunity in Suriname. In this price environment, the company believe this will create more value over the long term than directing capital to short-cycle projects that would generate near-term production growth at relatively lower returns.
Website l Linkedin 'People'