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Apache Plans To Invest $3 Bln In Oil And Gas Capital In 2018

Apache Corp. (APA) said that in 2018, it plans to invest $3 billion in oil and gas capital, with more than 70 percent allocated to the Permian. This amount includes approximately $500 million for Alpine High midstream. Internationally, Apache will continue to invest at a level to sustain long-term free cash flow in Egypt and the North Sea.

It projects 7 percent to 13 percent adjusted production growth worldwide and 9 percent oil growth in the Permian in 2018.

From 2018 to 2020, Apache expects to invest approximately $7.5 billion in the upstream worldwide and $1 billion in midstream at Alpine High. Any monetization of the Alpine High midstream assets could eliminate some or all of this expected spend.

Apache anticipates its returns-focused investment approach will result in a compound annual production growth rate of 11 to 13 percent worldwide and generate Cash Returns on Capital Invested (CROIC) of 18, 20 and 22 percent, respectively, over the three-year period.

"Our three-year plan will generate strong returns and growth and will create significant long-term value for our shareholders. Over the last three years, Apache has returned over $1.1 billion to shareholders through the dividend. In the coming three years, we plan to return at least this amount and possibly more," said John Christmann IV, Apache's chief executive officer and president.

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