Posted May 12, 2014, 7:16 PM
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Join Date: Apr 2007
Location: Greater Victoria
Posts: 3,083
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Apache cuts budget for Kitimat LNG project in 2014
BIV May 9, 2014
Quote:
Apache Corporation (NYSE:APA) is reducing its net spending in the Kitimat LNG project for 2014, and is continuing discussions with several parties to “right size” its stake in the proposed project.
Steven Farris, Apache’s chairman, chief executive officer and president, had said earlier in the year that if operator Chevron Corporation (NYSE:CVX) goes ahead with its planned Kitimat capital program in 2014, Apache would be on the hook for about US$1 billion, a figure the company wanted to get out from under.
“At Kitimat, we’ve been working with our partner to reduce our 2014 capital spend, given where we are in the project’s lifecycle,” he told the company’s first quarter conference call on Thursday. “Currently, we anticipate reducing the budget by approximately 40% to around $600 million, net. If you recall, that’s down from an initial budget net to us of $1 billion.”
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