Let’s Talk Energy and look at the growing resurgence in oil and gas exploration. Starting in the 20-teens, many oil companies began cutting exploration budgets and letting go or reassigning the people behind that work. The shift was driven by efficiency gains and the rise of vast US shale fields, but also pressure from investors and the uncertainty over the long-term demand for oil. Now, however, oil demand is expected to remain resilient, shale fields are showing their limits and investors are asking companies whether they are finding enough barrels to maintain their cash returns, exploration is back in vogue. But rebuilding an exploration portfolio doesn’t happen overnight and the industry as a whole is finding less oil and making fewer large discoveries than it used to each year. How has the exploration business evolved over Tracey’s career and what defines a successful wildcat today? How is APA Corporation, which kept exploring when others did not, looking at its prospects in places as diverse as Suriname, Uruguay, Egypt, and the Permian? Can new technology and new ideas help the industry break out of its discovery drought? Related Analysis: Global Discoveries Report – June 2026 (clients only) BP&#x27;s UK exit looks credible as exploration strategy takes shape (available to non-clients) Technical evaluation agreements are reshaping global exploration entry (clients only) Newfoundland&#x27;s new bid round hinges on policy reform to attract new explorers (available to non-clients) Discovered volumes in 1Q26 sinks to lowest first-quarter level in two decades (clients only) High-impact wells: Africa will continue to drive global drilling activity in 2026 (available to non-clients) South America’s next frontier: Wells that could reshape the Atlantic Margin (clients only) Related Episodes: Non-OPEC+ oil growth finds its engine in South America, with Radhika Bansal The next US shale hotspot: Western Haynesville, with Matthew Bernstein The looming oil supply challenge with Artem Abramov How Malaysia is looking to seize its upstream opportunity Let’s Talk Energy is a Rystad Energy Production. Produced by Elliot Busby &amp; Både Og. Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker &amp; Erik Means. Follow us on: LinkedIn YouTube Instagram X

How a decade of underinvestment is reshaping the global hunt for oil, with APA Corporation's Tracey Henderson

Let's Talk Energy

# Full Transcript

**Podcast:** Let's Talk Energy

## Transcript

This is Let's Talk Energy, your go-to podcast for smart energy insights. I'm Noah Brenner. Exploration always seems like the most exciting part of the oil and gas industry, conjuring images of wildcatters in exotic locales striking gushers worth billions of dollars. But starting in the 20-teens, many companies began not only cutting back their exploration budgets, but also letting go or reassigning the people doing the actual work.

The shift was driven by efficiency gains from technology and the rise of vast U.S. shale fields, but also uncertainty over how quickly the world may transition away from oil and demands from investors that companies consistently turn a profit. Now, however, with oil demand looking more resilient, shale fields showing their limits, and investors asking companies whether they're actually finding enough barrels to maintain their cash returns, exploration is back in vogue.

But rebuilding an exploration portfolio doesn't happen overnight, and the industry as a whole is finding less oil and making fewer large discoveries than it used to each year. To help us make sense of the changing trends in oil and gas exploration, I'm joined today by Tracy Henderson, Executive Vice President for Exploration at APA Corporation, which many of you may know as Apache. And full disclosure, APA is a Rystad Energy client.

We're going to talk about how exploration has evolved over her career and what defines a successful wildcat today. She'll walk us through how APA, which kept exploring when others did not, is looking at its prospects in places as diverse as Suriname, Uruguay, Egypt, and the Permian Basin. And finally, we'll tackle the thorny question of whether new technology and new ideas can help the industry break out of its discovery drought. Tracy, welcome to the program. Hi, Noah. Happy to be here.

Well, let's talk energy. I want to start with a bit about your own exploration journey. I mean, why is it that you became an exploration geophysicist? And what is it about finding new oil and gas that gets you up in the morning? I was, I would say, fortunate to have started with what is known today as kind of as a big exploration company. And they were solely focused on international exploration, you know, biggie, finding new resources. And that was my start in my career.

During that particular first job, I was involved in a play-opening well in West Africa in Equatorial Guinea called the Saba Discovery, which was the Saba field. And then there was significant success beyond that. But it was really a play-opener where along that part of the margin in West Africa, most companies had focused on the tertiary. And this was a test of the Cretaceous. And it was the first successful Cretaceous well along that margin.

Now, I think it was one of those catalysts very early in my career that really set up, you know, this was a pretty amazing thing that had happened. And even at that...

How a decade of underinvestment is reshaping the global hunt for oil, with APA Corporation's Tracey Henderson

Transcript

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Every day you wait, your competitors are finding
edge in conversations you're not hearing.

How a decade of underinvestment is reshaping the global hunt for oil, with APA Corporation's Tracey Henderson

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.