US oil and gas group reveals record revenue

US OIL and gas explorer and producer Apache posted record second-quarter revenue yesterday as a result of high oil prices and record production, the firm said.

The company, which operates the UK North Sea Forties field and has offices in Aberdeen, posted revenue of £2.6billion in the second quarter of 2011, a 47% increase from just under £1.8billion for the same period in 2010.

Adjusted earnings also rose, to £793million compared with £508million in the same period last year.

Production rose to 749,000 barrels of oil equivalent per day (boepd) in Q2 2011, compared with 647,000boepd 12 months earlier.

The figures compare to a blanket drop in production announced at most of the supermajors, including BP, Shell, Chevron and Total reporting their second-quarter figures last week.

In the North Sea, however, Apache’s production nudged down from 58,560boepd in the second quarter of 2010 to 57,758 this year.

The firm spent £128million on capital projects in the North Sea in the latest period, against £83million in the same period of 2010. In June, it started production on its most prolific development well in the Forties, which came online at 12,500boepd.

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