Apache Corporation Update on North Sea Operations

In June 2023, Apache suspended new drilling in the U.K. The company will manage its base production and maximize the economic recovery of its oil and gas wells through well intervention activities. Apache allocates capital based on the best potential returns, and North Sea assets have become the least competitive in its global portfolio.

This business decision was made in response to the U.K.’s increasingly costly and burdensome tax regime and uncertain policy environment.

Apache remains committed to conducting safe operations, driving ever cleaner production and meeting regulatory requirements while efficiently operating our late-life assets to create value for our stakeholders.