Only trusts interest in Prudhoe Bay production matters. Numbers can be floating around, but production is reported daily. .http://www.tax.state.ak.us/programs/oil/production.aspx production at 253 mbopd. we need somewhere between 325 and 350 mbopd of the reported production number to get to the trusts limit of 90 mbopd. 26% would be at a 346 mbopd total rate but that number does not match the quarterly reports. 325 mpopd equaling 90 mbopd of trust interest seams to work better.
Even if APC bought a "stake in the Prudhoe Bay field", it would mean nothing to BPT unit price. This is a trust and gets paid according to precise formula. Doesn't matter if the operator is BP, APC or anyone else.
"stock will trade down in exp" This is your misconception - BPT is not a 'stock', it is a trust.
Wrong, does not understand the price of oil on the world market. Does not understand that BPT is paid in kind. The kind is 90 000 BPD whose base price change with the world market. The formular is applied to the base market price.
The fact that Apache take a stake or buys Prudhoe Bay does not affect BPT. The world price of oil as it is anticipated to go up can benefit BPT. Why? PBT will benefit as the 90 000 barrels will generate more revenues. The market tend to be 6 month ahead of the economy. Those numbers make senses!