Apache has historically operated as a mature asset specialist with a moderately risk averse strategy. It used an "acquire exploit and explore" model to drive growth and generally pursued a cyclical approach to deal activity. Exploration and appraisal (E&A) activity has focused on assets acquired in 2010 in the US Gulf of Mexico and Egypt Western Desert. However in 2013 a new exploration leadership team re focused on near field exploration and unconventional resource plays. Apache has repositioned its portfolio to concentrate investment in advantaged high returning cash generative assets. It has built a sizeable position in the Permian Mid Continent and Gulf Coast basins and these provide a large drilling inventory.