Oil and gas firm APA Corp said on Tuesday it curtailed production by about 91 million cubic feet per day of U.S. natural gas and 7,600 barrels per day of U.S. natural gas liquids in the fourth quarter in response to weak prices.
It expects fourth-quarter average realized natural gas prices in the U.S. to be 15 cents per thousand cubic feet (Mcf) and $4.30 per Mcf globally.
APA’s fourth-quarter transaction, reorganization and separation costs rose to $36 million, up from $18 million in the prior quarter, driven by expenses tied to early office-lease terminations in the U.S. and the UK, and contract termination, the company said.
In the previous quarter, APA had curtailed 20 MMcfpd of U.S. natural gas production and 1,400 bpd of U.S. natural gas liquids production.
(Reporting by Katha Kalia in Bengaluru)