http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png 0 0 RSS FEED http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png RSS FEED2018-11-02 03:56:312018-11-02 03:56:31Apache’s Profit Beats On Higher Oil Prices, Increased US Output
Apache’s Profit Beats On Higher Oil Prices, Increased US Output
U.S. oil and gas producer Apache Corp. reported a better-than-expected quarterly profit and raised its U.S. production forecast for the year as it benefited from rising oil prices and increased output from the Permian Basin.
Apache and its peers are reaping the benefit of a 44% surge in global crude oil prices from a year earlier. Oil prices are expected to rise further as U.S. sanctions on Iran remove a major supplier from the market.
The Houston-based company said average realized oil prices jumped about 40% to $69.12 per barrel, while total production rose to 476,255 barrels of oil equivalent per day (boe/d) from 448,235 boe/d a year earlier.