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APA

Apache Corporation

6/18/2013, 1:25 AM ET

Quote & Headlines Market Currents StockTalk

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Friday, June 7, 2:33 PM Devon Energy's (DVN +1%) move to transfer some assets into an MLP continues to be greeted with a yawn; shares are up today but in line with the sector. Peers such as Apache (APA) and Hess (HES), which also trade at discounted valuations, are seen to have more options and higher exposure to oil. "The catalyst to make the change at Devon is just not that obvious," says one energy investment banker. 4 Comments [Energy]
Wednesday, June 5, 3:37 PM Apache (APA +1%) is upgraded to Buy from Hold with a $105 target price (from $90) at Deutsche Bank, which sees the incentive and opportunity for significant change via restructuring. Growth particularly through acquisition has been central to the APA business model for decades, and the firm sees the shift to divest an acknowledgement of the limits of growth for a ~800M boe/day producer. 4 Comments [Energy, Quick Ideas]
Tuesday, June 4, 10:21 AM Apache (APA +0.2%) is pinning its growth hopes on its onshore North American oilfields as it tries to sharpen its focus and cut its debts, CEO Steve Farris tells FT. “We used to ask our U.S. assets to stay even, and we’d grow internationally... [we’re] flipping that,” he says, with its Permian Basin fields in Texas “the growth core" while areas such as the North Sea and Egypt are principally focused on cash generation. 1 Comment [Energy]
Monday, June 3, 12:33 PM The perfect portfolio for Occidental Petroleum (OXY), Anadarko (APC), Apache (APA) and BG Group (BRGYY.PK) - each on pace to join the 1M-barrel club of oil producers within five years - would combine a few big projects to underpin long-term production with shale assets for the growth profile, Bernstein says; though APC looks strong in this regard, the better bet could be APA, which trades at only 9x forward earnings. Comment! [Energy]
Tuesday, May 28, 5:33 PM Oil production in Texas’ Eagle Ford shale formation rose 77% Y/Y in March, yielding more than 529K bbl/day and posting a record. The number could still go higher; February output was revised to 511K bbl/day from the preliminary report of 471K. EOG Resources (EOG) is the largest Eagle Ford leaseholder, with 639K net acres, followed by Chesapeake (CHK) and Apache (APA). 1 Comment [Energy]
Tuesday, May 28, 4:27 PM Apache (APA) is exploring the sale of a minority stake in its shallow water Gulf of Mexico assets, attracting interest from P-E firms such as TPG Capital, Apollo Global (APO) and KKR, Reuters reports. The shallow water assets produce more oil and gas and are easier and less risky to exploit than their deepwater counterparts. Comment! [Energy]
Thursday, May 23, 11:59 AM Apache (APA -2.1%) should sell its assets in Egypt, which have dragged the company’s valuation by 20%-30% and is likely to get worse given the country’s "dysfunctional government, deteriorating economy, polarized society and exploding population," Oppenheimer says, adding APA should use the proceeds to buy back 15% of its shares and reduce debt. 1 Comment [Energy, On the Move]
Wednesday, May 22, 9:17 AM Apache Corporation (APA) declares $0.20/share quarterly dividend, in line with previous. Forward yield 0.95%. For shareholders of record July 22. Payable August 22. Ex-div date July 18. (PR) Comment! [Dividends]
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]

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