REPORTING · 31st July 2014
Apache released it’s second quarter financial report for 2014 today, July 31st. In the press release which was issued by Apache, they state they want to pull out of the proposed Kitimat LNG project.
Update on repositioning for North American onshore growth
"Consistent with the company's ongoing repositioning for profitable and repeatable North American onshore growth, Apache intends to completely exit the Wheatstone and Kitimat LNG projects. In addition, Apache is evaluating its international assets and exploring multiple opportunities, including the potential separation of some or all of these assets through the capital markets."
According to the Kitimat LNG website, Apache and Chevron entered into a joint venture agreement in 2012 for the proposed project.
Chevron was supposed to operate the LNG facility at Bish Cove while Apache was to manage the development and production of Natural Gas. The gas would be delivered by the Pacific Trails Pipeline.