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APA

Apache Corporation

5/21/2013, 11:13 PM ET

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Thursday, May 16, 5:28 PM Apache (APA) shareholders vote down a proposal to raise executive pay, a rebuke to top management for recently sagging stock prices and concerns about investment in Egypt. While acknowledging APA has lagged in the last year, CEO Steve Farris praises long-term performance, noting average 12%/year growth over the last 20 years. Comment! [Energy]
Thursday, May 16, 9:59 AM T. Boone Pickens added nearly 125K shares in Apache (APA) and more than 500K shares in Goodrich Petroleum (GDP) to his energy fund during Q1. He bought new stakes in MPC, PSX and HK, and sold positions in SWC, RRC and RIG. The fund’s top holding Pioneer Natural Resources (PXD); Pickens added ~43K shares. 1 Comment [Energy]
Friday, May 10, 3:27 PM Apache (APA) and Chevron (CVX) - both of whom reported the most drilling safety incidents prior to the BP spill - three years later continue to sit atop the list, according to a Democratic staff analysis of a to-be-released House panel report. The analysis also finds the facilities of top violators are no more likely to be inspected than those of others. Comment! [Energy]
Thursday, May 9, 2:52 PM Investors who had been worried that Apache (APA +4.6%) was taking a hands-off approach to its share price cheer the news it would seek to sell $4B in assets this year. APA declines to say which assets are on its sales list, but the news, plus a share buyback plan, helped turn attention away from a weak Q1, impacted in part by declining output in Egypt. 1 Comment [Energy, On the Move]
Thursday, May 9, 11:30 AM The shale bonanza has sparked a switch in the behavior of oil firms: Companies have been selling off assets overseas and pumping money back into the U.S. Conoco (COP) has been involved in six major foreign sales in the past year totaling $11B, and much of it is being redirected into North Dakota and Texas shale. Other firms redirecting overseas assets to the U.S.: HES, DVN, APA, MRO, MUR, NBL. 3 Comments [Energy]
Thursday, May 9, 8:39 AM More on Apache's (APA) Q1 results: Production increased to 781.8K boe/day, driven by a 45% increase Y/Y in North American onshore liquids output. Says it's on track to meet its 2013 guidance of 3%-5% production growth. Plans to divest $4B in assets by year's end, using ~$2B to reduce debt and enhance financial flexibility, and the remaining $2B to repurchase 30M shares. Shares +1% premarket. Comment! [Energy, Earnings]
Thursday, May 9, 8:03 AM Apache (APA): Q1 EPS of $2.02 misses by $0.19. Revenue of $4.07B beats by $4065.69M. (PR) 2 Comments [Earnings, Breaking News]
Thursday, May 9, 12:05 AM Notable earnings before Thursday’s open: AES, AGU, ALR, AM, AMRC, APA, BAM, BCE, CBB, CNSL, CTB, CVC, DF, DISH, DNDN, GLP, GTIV, IRC, KEM, KIOR, MEA, NPSP, OWW, PCP, SNE, SNSS, SPH, SRPT, TK, TNK, VICL, VNDA, WAC, WFR, WIN, WWAV, XRAY Comment! [Earnings]
Wednesday, May 8, 5:30 PM Notable earnings before Thursday’s open: AES, AGU, ALR, AM, AMRC, APA, BAM, BCE, CBB, CNSL, CTB, CVC, DF, DISH, DNDN, GLP, GTIV, IRC, KEM, KIOR, MEA, NPSP, OWW, PCP, SNE, SNSS, SPH, SRPT, TK, TNK, VICL, VNDA, WAC, WFR, WIN, WWAV, XRAY Comment! [Earnings]
Tuesday, May 7, 11:26 AM Apache (APA +0.8%) reports three oil and gas discoveries in Egypt's western desert, expanding its production base in the area. Egypt is a key area for APA; during Q4, Egypt accounted for about 28% of the company's oil production and roughly 16% of its natural-gas volume. APA says it holds a “deep backlog of drilling opportunities” offering “stacked-pay potential” in Egypt, where drilling costs are relatively cheap. Comment! [Energy, Global & FX]
Thursday, May 2, 2:58 PM Enterprise Products Partners (EPD), fresh off another strong quarter, stands atop Raymond James' list of energy stocks and MLPs to buy. Alliance Holdings (AHGP) and Alliance Resource Partners (ARLP) offer attractive distributions. Other favorites: VLO, APA, STR, TLLP, ACMP, QEP. Comment! [Energy, Quick Ideas]
Friday, April 19, 3:26 PM Argentina creates a fund of up to $2B to help develop the country's 7.4M-acre Vaca Muerta shale field, which may hold one of the world's biggest unconventional energy resources. State-controlled YPF, as well as Apache (APA), Exxon Mobil (XOM) and Canada's Americas Petrogas hold exploration rights on nearly 80% of the site. 2 Comments [Energy, Global & FX]
Thursday, April 18, 12:23 PM Apache (APA -1.6%) is among just a handful of energy decliners after shares are downgraded at Oppenheimer and J.P. Morgan. Oppenheimer is nervous about APA's exposure to Egypt's deteriorating conditions, which could put operations at risk of nationalization or changes in financial terms. In addition to risky assets, J.P. Morgan sees a lack of meaningful catalysts and relatively low growth. Comment! [Energy, Quick Ideas, On the Move]
Wednesday, April 17, 4:53 PM Apache (APA) reportedly has engaged Jefferies to shop its Gulf of Mexico deepwater assets, including producing fields and stakes in two major projects under construction, as it looks to raise cash and refocus its operations. Though APA's asking price is unclear, analyst estimates and recent similar deals suggest a valuation approaching $3B for the portfolio. Comment! [Energy]
Thursday, March 28, 10:51 AM Apache's (APA +1.5%) Australian subsidiary and its partners sign long-term sales and purchase agreements with Japan's Chubu Electric for liquefied natural gas from the Chevron-operated (CVX) Wheatstone project in Western Australia. The Wheatstone partners will supply Chubu with 1M metric tons/year of LNG for up to 20 years. Comment! [Energy, Global & FX, On the Move]
Monday, March 25, 3:32 PM Exxon Mobil (XOM), Apache (APA) and other U.S. companies look to acquire offshore blocks in Peru this year in the country’s first bidding round since 2010. Peru, which produced 173K bbl/day of oil and gas liquids YTD, says it has lined up $20B in energy projects through 2018 in a bid to double output, which has dropped 20% in the past decade as oilfields are depleted. Comment! [Energy, Global & FX]

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