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  • Thu, Dec. 1, 8:46 AM
    • November monthly performance was: +5.59%
    • AUM of $13.4B
    • 52-week performance vs. the S&P 500 is: 0%
    • No dividends were paid in November
    • Top 10 Holdings as of 9/30/2016: JPMorgan Chase & Co (JPM): 3.11216%, Citigroup Inc (C): 2.91346%, US Treasury Note 1.125%, US Treasury Note 0.5%, Bank of America Corporation (BAC): 2.04729%, Morgan Stanley (MS): 1.65388%, Apache Corp (APA): 1.61818%, Merck & Co Inc (MRK): 1.45989%, US Treasury Note 0.75%, Devon Energy Corp (DVN): 1.39074%
    | Thu, Dec. 1, 8:46 AM
  • Wed, Nov. 30, 12:58 PM
    • Apache (APA +8.5%) agrees to sell interests in a giant North Sea pipeline and processing system to U.K. pension funds; the value of the deal is not disclosed but looks likely to be worth hundreds of millions of dollars.
    • APA is selling both its 30.28% share in the Scottish Area Gas Evacuation system and a 60.56% interest in the Beryl pipeline to funds managed by London-based Ancala Partners.
    • Earlier this month, APA said it planned to sell non-core assets to fund developing assets after making a bumper shale find in the Delaware Basin.
    | Wed, Nov. 30, 12:58 PM | 3 Comments
  • Tue, Nov. 15, 10:49 AM
    | Tue, Nov. 15, 10:49 AM | 7 Comments
  • Fri, Nov. 4, 12:49 PM
    • Apache (APA +1.2%) CEO John Christmann says the company’s top priority next year is the newly discovered Alpine High oilfield in west Texas.
    • “Things will change significantly for us in the back half of ’18,” the CEO says, calling Alpine High "transformational" to APA that will provide incremental earnings by the end of 2018 that the company has never before seen.
    • APA says it is aiming to run 4-6 rigs in the field next year and build out a pipeline system in an area that has no such infrastructure now.
    • Christmann also says test wells have confirmed that oil and natural gas liquids are present in as much as 5K vertical feet of rock in five underground ribbons - the Bone Springs, Wolfcamp, Pennsylvania, Barnett and Woodford formations; “It’s such a thick column, all we have to do is move up hole and we’ll have more oil,” he says.
    • But shares tumbled yesterday, as analysts are skeptical of APA’s ability to pump as much oil and gas as it expects.
    | Fri, Nov. 4, 12:49 PM | 10 Comments
  • Thu, Nov. 3, 2:57 PM
    • Apache (APA -5.6%) is sharply lower despite reporting a lighter than expected Q3 loss and a dramatic drop in expenses, but some analysts say the stock may be suffering because of views on APA's results relative to other producers in plays including the Oklahoma STACK, Delaware, Midland and Bakken.
    • APA says its Q3 fell 4% to $1.44B from $1.52B a year earlier on lower oil and gas prices as well as a 3% Y/Y drop in production to 520K boe/day, but total costs fell to $2.3B from $5.9B.
    • Societe Generale says today's selloff is a buying opportunity, saying the company's management “isn’t playing a growth game, but one focused on returns and that sometimes gets lost.”
    • The firm also says APA's Alpine High discovery is seen as symbolic of the company’s transition to organic growth from acquisitive growth, but that Wall Street underappreciates its “economic relevance.”
    | Thu, Nov. 3, 2:57 PM | 1 Comment
  • Thu, Nov. 3, 8:04 AM
    • Apache (NYSE:APA): Q3 EPS of -$0.03 beats by $0.13.
    • Revenue of $1.44B (-4.0% Y/Y) beats by $60M.
    • Press Release
    | Thu, Nov. 3, 8:04 AM | 1 Comment
  • Thu, Nov. 3, 7:51 AM
    • October monthly performance was: -0.39%
    • AUM of $13.6B
    • 52-week performance vs. the S&P 500 is: +11%
    • No dividends were paid in October
    • Top 10 Holdings as of 6/30/2016: JPMorgan Chase & Co (JPM): 3.02927%, US Treasury Note 1.125%, Citigroup Inc (C): 2.72752%, Bank of America Corporation (BAC): 1.75979%, General Electric Co (GE): 1.64495%, Apache Corp (APA): 1.43672%, Merck & Co Inc (MRK): 1.40565%, Royal Dutch Shell PLC Class A (OTCPK:RYDAF): 1.39841%, Morgan Stanley (MS): 1.39796%, US Treasury Note 0.625%
    | Thu, Nov. 3, 7:51 AM
  • Wed, Nov. 2, 5:30 PM
  • Tue, Nov. 1, 6:35 PM
    • A federal jury awards $43M to Apache (NYSE:APA) in a breach of contract suit the company brought against W&T Offshore (NYSE:WTI) nearly two years ago.
    • However, the jury also found that APA acted in bad faith during the contract dispute, and said the award should be deducted by $17M, a determination APA's lawyers say has "no legal consequences” and do not actually provide a basis for a reduction in the award; the company expects recovery, including fees, interest, and a previous $25M payment from WTI to total at least $68M.
    • The case ultimately will be decided by the trial judge; a hearing has not yet been set.
    | Tue, Nov. 1, 6:35 PM | 1 Comment
  • Mon, Oct. 3, 9:04 AM
    • September monthly performance was: +0.5%
    • AUM of $13.6B
    • 52-week performance vs. the S&P 500 is: -3%
    • $0.04 in dividends were paid in September
    • Top 10 Holdings as of 6/30/2016: JPMorgan Chase & Co (JPM): 3.02927%, US Treasury Note 1.125%, Citigroup Inc (C): 2.72752%, Bank of America Corporation (BAC): 1.75979%, General Electric Co (GE): 1.64495%, Apache Corp (APA): 1.43672%, Merck & Co Inc (MRK): 1.40565%, Royal Dutch Shell PLC Class A (OTCPK:RYDAF): 1.39841%, Morgan Stanley (MS): 1.39796%, US Treasury Note 0.625%
    | Mon, Oct. 3, 9:04 AM
  • Wed, Sep. 28, 3:19 PM
    • The energy sector (XLE +4%) bursts to the top of the leaderboard after OPEC announces a planned production cut to 32.5M bbl/day at the informal OPEC meeting in Algiers.
    • Among individual energy stocks: XOM +3.8%, CVX +2.7%, RDS.A +2.8%, BP +3.4%, TOT +2.4%, PBR +4.5%, COP +6.4%, MRO +8%, MPC +1.4%, PSX +1.9%, VLO -0.1%, EOG +6.2%, PXD +6.4%, OXY +4.5%, DVN +7.9%, CLR +8.3%, APA +6.2%, NOV +8.1%, SLB +3.3%, BHI +3.6%, HAL +4.3%, KMI +3.4%, ENB +2.6%, EPD +1.9%, ETP +2.9%.
    | Wed, Sep. 28, 3:19 PM | 74 Comments
  • Tue, Sep. 27, 2:57 PM
    • A new analysis from IHS Markit appears to view Apache's (APA -0.6%) recent "game changer" oil and gas discovery in an overlooked corner of west Texas with at least a hint of skepticism.
    • While APA is "deservedly excited" about its new discovery, IHS says previous well results in the immediate area have been poor: "Historically, well results near the recently announced Apache discovery [have] underperformed... The best performing Wolfcamp wells have been north of the Alpine High area, according to the IHS Markit analysis, so further delineation will be required to establish Wolfcamp productivity in Apache’s acreage."
    • IHS says if recently published initial production rates indicate true 24-hour rates, then breakevens for the play would came in near $65/bbl for oil and $3/Mcf for gas, higher than APA's own estimates.
    • Separately, the stock is initiated with a Neutral rating and $64 price target at Mitsubishi UFJ, which says the Alphine High play shows strong potential but the discovery is in its early days and execution risks would need to be considered, given that infrastructure is still not in place.
    | Tue, Sep. 27, 2:57 PM | 11 Comments
  • Thu, Sep. 15, 4:38 PM
    • Apache (NYSE:APA) declares $0.25/share quarterly dividend, in line with previous.
    • Forward yield 1.7%
    • Payable Nov. 22; for shareholders of record Oct. 21; ex-div Oct. 19.
    | Thu, Sep. 15, 4:38 PM
  • Mon, Sep. 12, 3:47 PM
    • Apache (APA +0.7%) enjoys a pair of brokerage upgrades following its "game-changer" Alpine High discovery, to Overweight from Neutral at Atlantic Equities and to Peer Perform from Underperform at Wolfe Research.
    • In upgrading APA and raising its stock price target to $70 from $41, Atlantic says the company has unveiled a "world class resource play" in a previously ignored area of the Texas Permian Basin, where it leased 307K net acres at a "very modest" $1,300/acre.
    • The firm also expects upside potential from other sources, pointing out that Alpine High's value could get a boost from longer horizontal well sections and closer well spacing, and that oil-prone areas indicated solid potentials which have yet to be added into APA's resource projections.
    | Mon, Sep. 12, 3:47 PM | 2 Comments
  • Thu, Sep. 8, 6:22 PM
    • After surging nearly 7% yesterday, Apache (NYSE:APA) added another 7% in today's trade following news of its major discovery in an overlooked corner of west Texas' Delaware Basin that could hold up to 3B barrels of oil and 75T cf of natural gas.
    • APA says it methodically pieced together 307K contiguous acres in the area over two years and spent ~$1,300/acre on average, while drillers have spent $40K/acre or more this year trying to amass assets in the rest of the red-hot Permian Basin.
    • But analysts say it is unclear how many barrels APA actually will be able to recover, as hydraulic fracturing typically generates 6%-12% of the total oil and gas in the ground, at least on the first attempt; "It's a significant discovery for Apache, but let's not read that 3B barrels of oil are coming out of the ground," says IHS Markit's Hassan Eltorie. "It's a challenge to make this work economically."
    • APA says its nine active wells in the Alpine High area are producing only limited amounts for now, because the area is short on infrastructure to process and transport oil and gas, so "there’s a tremendous amount of work above ground and below ground to actually make the economics work," says Wood Mackenzie's Benjamin Shattuck, but if APA can overcome the challenges, “it’s a game-changer."
    • “This is a giant onion that is going to take us years to peel back and it’s a story that’s going to get bigger and better as it’s told later," CEO John Christmann says.
    | Thu, Sep. 8, 6:22 PM
  • Wed, Sep. 7, 2:04 PM
    | Wed, Sep. 7, 2:04 PM | 1 Comment