Apache Corporation (APA) is heavily involved in the development of the Permian Basin and has been actively acquiring additional acreage here since 2004. The company has three million acres under net lease and reported average production of 84,000 barrels of oil equivalent (BOE) per day in the first quarter of 2011. Sixty eight percent of this production was composed of oil and natural gas liquids.
Apache Corporation is operating 24 rigs in the play and plans to drill 555 wells in 2011, and an additional 4,277 from 2012 to 2016. The company is targeting various formations depending on the play including the Strawn, Wolfcamp, Atoka, Abo, Yeso, Grayburg, San Andres, Clearfork, Tubb, Cline, Bone Spring and Fusselman.