APA curtailed natural gas production in Q1 amid weak prices

4/10/2024

(Reuters) - U.S. oil and gas producer APA Corp said that it had curtailed natural gas production in the first quarter due to weak prices.

In recent months, gas prices have dropped on near-record output and low heating demand from a mild winter, leaving ample gas in storage.

Rivals like Chesapeake Energy, EQT and Coterra Energy have already curbed production due to low prices.

APA said it has also curtailed an estimated 2,500 barrels per day of natural gas liquids during the quarter ended March 31, primarily associated with the voluntary gas curtailments.

The company said it expects U.S. natural gas prices to average $1.40 per thousand cubic feet (mcf). Its fourth-quarter natural gas price averaged at $1.62 per mcf.