Correction: Apache sale of Egypt stake positive, says Wells Fargo

August 30, 2013

After Apache (APA) announced that it had sold a 33% stake in its Egypt business to Sinopec (SNP) for $3.1B, Wells Fargo thinks the deal will be positive for Apache's stock, as most on the Street had doubted whether the company could monetize its Egyptian assets, according to Wells. The firm thinks the deal will cause investors to focus more attention on Apache's U.S. assets. It keeps an Outperform rating on the stock. a previous story on The Fly had incorrectly identified Sinopec's stock symbol as SHI.