CERAWeek '12: Apache CEO sees stable long-term prices for US natural gas
By ANGEL GONZALEZ
HOUSTON -- Apache Corp. CEO Steve Farris said Thursday that low natural gas prices are here to stay in the US, providing a good opportunity for utilities and the transportation sector to adopt the fuel.
"The bad thing" about low natural gas prices is that "producers don't make as much money.
“On the flip side, we have a long-term stable price future for natural gas," Farris said at the IHS Cambridge Energy Research Associates conference.
Natural gas prices are trading below $2.50 per million British thermal units, at a decade low.
But right before the financial crisis, they traded above $13 per mmBtu.
Farris added that "we're not going to have that type of volatility we had in the past" due to the ample supplies unleashed by hydraulic fracturing of shale formations in the US.
Dow Jones Newswires
The CERAWeek 2012 conference takes place from March 5-9 at the Hilton Americas in Houston, Texas. For more details on the event, click here. Stay tuned to Hydrocarbon Processing for further coverage.
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