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Apache may have struck big in West Texas

Apache, Texas oil discovery

DALLAS (AP) — A Houston driller is boasting of a big new oil and gas discovery in West Texas. Apache Corp. believes there could be 3 billion barrels of oil and 75 trillion cubic feet of natural gas in an area it calls Alpine High. The company announced its discovery Wednesday after two years of drilling in the largely undeveloped ...

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Apache selling Australian subsidiary for $2.1 billion

HOUSTON — Apache Corp. says it is selling its Australian oil exploration and production subsidiary for $2.1 billion in cash. The Houston-based company said Wednesday that a consortium of private equity funds managed by Macquarie Capital Group Ltd. and Brookfield Asset Management Inc. agreed to buy Apache Energy Ltd. The assets of Apache Energy Ltd. and its subsidiaries averaged production ...

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Oil companies merge, make cuts

CARLSBAD – As oil prices fall below $50 per barrel, more companies are cutting costs through layoffs. Oil companies are also merging or acquiring other companies to reduce their own workforce. Matador Resources Co., based out of Dallas, announced Tuesday in a news release that it has acquired Harvey E. Yates Co. out of Roswell, which includes “certain oil and ...

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Apache CEO announces resignation effective immediately

President and chief executive officer of Apache Corporation Steven Farris announced his retirement effective January 20, 2015.  The abrupt announcement was also an opportunity for Farris to name John Christmann, chief operating officer of North America, as his successor. Mr. Farris joined Apache Corp over 25 years ago in 1988 and has served as its chief executive officer since 2002. ...

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Declining oil prices forcing industry to cut jobs in Tulsa

pumpjack

TULSA, Okla. — Declining crude oil prices have forced three major industry firms with strong northeastern Oklahoma ties to lay off workers. Apache Corp., Baker Hughes and Schlumberger have begun laying off employees in response to the oil price crash in the past six months, The Tulsa World reported Saturday. Apache’s job cuts will likely impact several hundred employees of ...

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Apache Corp. among latest to announce job cuts

The job-cutting carousel among Houston-based energy companies doesn’t seem to be running out of quarters any time soon. Apache Corp. is among a laundry list of companies in and around the Houston area to announce a recent string of job cuts. According to Fuel Fix, Apache began laying off workers across the globe on Wednesday. A spokeswoman for Apache would ...

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Texas city that prepared for oil boom now waits for bust

pump jack at sunset

SWEETWATER, Texas — Just two years ago, this Texas town known mostly for its annual rattlesnake roundup seemed to be on the brink of a transformation. Expecting a huge influx of oil workers, local leaders spent tens of millions of dollars to improve the courthouse, build a new law-enforcement center and upgrade the hospital. Hotels, truck stops and housing subdivisions ...

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Report claims oil, gas drillers more open about fracking risks

hyrdraulic fracking

EQT — Corp. and Range Resources Corp. were among companies that improved reporting about the risks to the environment and communities from hydraulic fracturing in a scorecard from a group that pushes corporations to be more environmentally responsible. But the report released Thursday by the coalition of investment companies and shareholder advocacy groups was still downbeat about the drilling industry’s ...

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