Apache Corp. , Houston, plans a capital budget of $3.6-4 billion in 2015, with $2.1-2.3 billion directed toward onshore North America and $1.5-1.7 billion for international and offshore. The new budget is down significantly from last year’s $8.5 billion. The company lost $5.4 billion on the year, compared with earnings of $2.2 billion in 2013. In the fourth quarter, the company reported a net loss of $4.8 billion, compared with earnings of $174 million in fourth-quarter 2013. After reducing its rig count from an average of 91 in last year’s third quarter to an estimated 27 by the end of February, Apache plans to run an average of 17 rigs onshore North America in 2015. The company is also reducing its frac crews by 50% during the same time period and delaying some well completions until service costs decrease materially. “In 2015, Apache will run […]