APA Curtailed 103 MMcf/d of Natural Gas in Q3 Amid Low Prices
(Reuters) — U.S. shale producer APA Corp. curtailed about 103 million cubic feet per day (MMcf/d) of natural gas production in the third quarter in response to weak commodity prices, the company said on Wednesday.
U.S. natural gas prices NGc1 collapsed to multi-year lows earlier this year, with prices in the Waha hub NG-WAH-WTX-SNL, located in Permian shale basin in West Texas, turning negative a record number of times in 2024.
APA has curtailed production in all quarters of fiscal 2024 so far, primarily because of weakness in natural gas prices.
For the third quarter, it expects average realized natural gas prices in the U.S to be 15 cents per thousand cubic feet (Mcf) and $3.30 per Mcf worldwide.
The company also curtailed 10,000 barrels per day (bpd) of natural gas liquids during the July-September quarter.
APA had curtailed 78 MMcf/d of natural gas production and 7,600 bpd of natural gas liquids in the second-quarter.
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