Skip to content
Subscriber Only

Apache Calls It Quits on Alpine High After $3 Billion Charge

  • Explorer’s focus shifts to offshore prospects in tiny Suriname
  • Apache has no plans for future drilling at West Texas find
Clay Bretches
Clay BretchesPhotographer: Aaron M. Sprecher/Bloomberg
Updated on

Apache Corp. is officially calling it quits on a highly publicized but disappointing shale discovery in West Texas after vehemently defending the prospect for about three years.

The Houston-based company posted a roughly $3 billion writedown on its Alpine High project, a find from 2016 that fizzled when it turned out to hold more natural gas than oil. Apache will instead focus on offshore riches in Suriname, where the explorer recently struck crude and enlisted French oil titan Total SA as a partner.