Apache Corporation (APA) is active in the Permian Basin and has 1.6 million net acres under lease. The company reported that production from this basin was 101,000 barrels of oil equivalent (BOE) per day in April 2012, with approximately 70% of this production composed of crude oil and other liquids.
Apache estimates that oil and gas production from its properties in the Permian Basin will grow at a compound annual rate of 13% from 2011 to 2016. The company will operate an average of 32 rigs in 2012 and drill 760 wells at a cost of approximately $1.9 billion.
Apache is targeting multiple formations in the Permian Basin including the Wolfcamp Shale, Cline Shale, Spraberry, Yeso, Clearfork, San Andres, Grayburg, Avalon Shale and Bone Spring.
