Factoring for Apache Corporation Invoices

Faster Payment on Apache Invoices with Oilfield Factoring

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Apache Corporation

Apache Corporation is an international oil and gas exploration company headquartered in Houston, Texas. Founded in 1954, the company had its first major oil discovery in 1967 and became a publicly-traded company in 1969. They currently have operations in the United States, Canada, Egypt and the United Kingdom, and recently sold an operation center in Australia. Apache Corp. is able to reduce its risk by operating in many different locations; if there is a disruption in any of their site areas, the company still has many other active sites. Additionally, Apache Corp. is active in many different aspects of oil and natural gas. Not only do they explore for new sites, they also develop and produce them. They sell their oil and natural gas to a variety of local distribution companies, as well as major oil companies like Royal Dutch Shell and Vitol Group.

Operations

Apache Corp. has multiple operations within the United States. Their major onshore operations are located in the Permian Basin, the Anadarko Basin in western Oklahoma, the Texas Panhandle and the Gulf Coast. Offshore, they have operations in the Gulf of Mexico and Western Canada. Recently, the company proved its commitment to the motto, “Exploring what’s possible”, when they found a significant amount of untapped oil in the southern part of the Delaware Basin after more than two years of extensive geologic work, testing and surveying. The new area is called Alpine High, and estimates alone of this discovery are 75 trillion cubic feet of rich gas and three billion barrels of oil.

Sustainability

Apache Corp. is committed to sustainability. Their approach to sustainability is “Innovative solutions to complex situations.” In fact, it leads the industry in developing ways to reduce its use of fresh water in drilling operations. This is essential, especially in areas of extreme drought, like East Texas can become. Apache is working with one of the leading environmental groups to create new technology to remove methane pollution from their oil and gas operations. Additionally, they have partnered with the Environmental Defense Fund in the Methane Detectors Challenge to develop a product that will help the industry find and repair methane leaks in real time. The challenge is to make a cost-effective solution that can be commercially produced. Additionally, they take extra measures to help return a previously-drilled area to its best possible state. For example, after decommissioning a former offshore platform, they helped to restore the saltwater fishing population.

Corporate Culture

Community outreach is very important to Apache Corp. They are committed to making a meaningful investment in the communities in which they operate. Not only do they donate to various charitable organizations and fund community-run programs, they are also committed to hiring local workers and using local businesses. This not only helps the economy of the community, but makes economic sense for the company.

Worker and environmental safety is one of Apache’s top priorities. Aside from their policies and guidelines that promote high safety standards, they actively engage with their teams on the ground to make sure they have access to the most up-to-date information. Additionally, they have installed enhanced communication technology to monitor their company vehicles, allowing them to reduce driving incidents. This new technology also helps to reduce their carbon footprint by identifying ways to reduce excessive idling. These enhancements have helped them reduce their total recordable incident rate by 19 percent and helped them maintain their commitment to HSSE operational excellence.

An Eye to the Future

One of the most important things to Apache is long-term growth. One of the ways they accomplish this is through diversification. Not only do they spread their risk in many different geographical locations, they also invest in both high- and low-risk properties. This allows them to receive major benefits when high-risk properties return high rewards, but also reduces the potential setback if they don’t. Looking at the long term, Apache Corp. will take time to research an area they believe is valuable, but they also know when to divest assets or discontinue operations that aren’t going to help them in the long term. Future, long-term goals for the company include expanding their offshore drilling in the United States.

Although they are a well-established company, they are not stuck in their ways. Apache Corp. understands the importance of evolving with the times and goes above and beyond the Environmental, Social, and Governance (ESG) checklists. They are also active in engaging with their shareholders, making sure they are up to date on what is going on within the company. In addition to company events, they hold almost 100 shareholder meetings a year, allowing them to interact with the shareholders on an individual level. A few times a year, Apache hosts shareholder meetings that allow for unrestricted discussion on ESG issues across the industry, engaging a dialogue that leads to effective change within the industry.

Apache Corporation

2000 Post Oak Boulevard, Suite 100
Houston, TX 77056
713-296-6000
www.apachecorp.com