|Bid||5.88 x 2900|
|Ask||5.85 x 900|
|Day's Range||5.13 - 6.00|
|52 Week Range||3.80 - 38.12|
|Beta (5Y Monthly)||2.69|
|PE Ratio (TTM)||N/A|
|Earnings Date||Apr 28, 2020 - May 03, 2020|
|Forward Dividend & Yield||0.10 (1.86%)|
|Ex-Dividend Date||Apr 20, 2020|
|1y Target Est||13.14|
Apache (APA) is now looking forward to achieve an annualized G&A and LOE cost saving in excess of $300 million, up from the actual target of $150 million.
The CEO of Houston-based Apache Corp. (NYSE: APA) saw his compensation dip by almost $1 million in 2019, shaving off some of the gap between his pay and that of his median employee. Apache CEO John Christmann’s total compensation was $14.29 million in 2019, down from $15.2 million in 2018, according to the company’s latest proxy statement, which it filed with the U.S. Securities and Exchange Commission April 3. During that same time period, the median employee’s compensation dipped slightly, dropping from $158,214 in 2018 to $157,761 in 2019.
With global infections topping 1 million and more U.S. states implementing stay-at-home orders, economists have slashed their forecasts for U.S. real GDP. Morgan Stanley now expects U.S. real GDP to plunge 38% in the second quarter. At 07:04 a.m. EDT, Dow e-minis were down 203 points, or 0.95%, S&P 500 e-minis were down 21.25 points, or 0.84% and Nasdaq 100 e-minis were down 64.25 points, or 0.84%.
Big Oil’s stocks soared on Thursday, following the surge in oil prices after U.S. President Donald Trump said that he hoped for a large output cut from Russia and Saudi Arabia
Energy stocks soared Thursday, after President Donald Trump tweeted that he expects Saudi Arabia and Russia to cut oil production by about 10 million barrels, and "maybe substantially more." The SPDR Energy Select Sector ETF shot up 11.5% in morning trading, with all 27 components gaining ground, including 23 that were up by a double-digit percentage. Just before the tweet, the ETF was up about 5%. The ETF's biggest gainer was Diamondback Energy Inc.'s stock , which was vaulted 25.8% higher. Among the most-active ETF components, shares of Occidental Petroleum Corp. shot up 21.0%, Marathon Oil Corp. ran up 14.9%, Apache Corp. surged 21.4%, Exxon Mobil Corp. rallied 9.3%, Chevron Corp. climbed 11.9%, Halliburton Co. rallied 15.3% and Schlumberger N.V. gained 15.1%. Meanwhile, crude oil futures hiked up 27.7% and the Dow Jones Industrial Average tacked on 315 points, or 1.5%.
Sapakara West-1 well provides further confirmation of geologic model with 79 meters (259 feet) of net oil and gas condensate pay. HOUSTON, April 02, 2020 (GLOBE NEWSWIRE) -- Apache Corporation (NYSE, Nasdaq: APA) and Total S.A. (TOT) today announced a significant oil discovery at the Sapakara West-1 well drilled offshore Suriname on Block 58. The well was drilled using the Noble Sam Croft with Apache as operator holding a 50% working interest and Total holding a 50% working interest.
Sentiment was earlier lifted by a recovery in oil prices as U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach an agreement to cut output to cope with plunging demand. Exxon Mobil Corp and Chevron Corp jumped more than 6% in premarket trading, while Occidental Petroleum , ConocoPhillips and Apache jumped more than 9%, leading gains among S&P 500 components.
Apache Corp. said Wednesday it is doubling its estimate for annual cost savings as the oil and gas exploration company takes further action to combat a declining oil price. Houston, Tx.-based Apache said it now expects to achieve annualized general and administrative and lease operating cost cuts of more than $300 million, up from its original target of $150 million announced in October of 2019. Apache will achieve approximately $225 million savings in 2020, after severance and reorganization costs are taken into account. Shares were not yet active premarket but have fallen 84% in the year to date, while the S&P 500 has fallen 20%.
Apache Corporation (NYSE, Nasdaq: APA) today provided an update regarding the cost savings associated with its previously announced organizational redesign. Apache now expects to deliver an annualized G&A and LOE cost reduction in excess of $300 million, up from an original target of $150 million. “Together with our talented team members and diverse asset portfolio, our new organizational structure is already enabling Apache to be more agile and respond quickly to changing commodity price environments.”
The stock market may be up, but some of its hardest hit stocks are getting hit once again—cruise lines, airlines, and energy explorers, among them.
S&P 500 dividends will fall by 25% this year as the coronavirus crisis drives companies across many sectors to conserve cash, Goldman Sachs said in note Monday.
An American City Business Journals analysis of public stock prices found that Houston companies have seen some of the largest stock value declines in the nation in recent weeks.
Apache Corp. said Friday that the downgrade of its credit by Standard & Poor's late Thursday, which cut the rating by two notches into "junk" territory, is not expected to have a material impact on its financial position, liquidity or business strategy. The oil and gas exploration company said it will have ot post letters of credit of about $650 million related to asset retirement obiligations in the U.K. North Sea. "Apache has ample liquidity and a very manageable bond maturity profile for the next five years," said Chief Financial Officer Stephen Riney. Late Thursday, S&P Global Ratings cut Apache's credit rating to BB+ from BBB, with a negative outlook, saying the recent collapse in oil prices will negatively affect profitability and cash flows. The stock, which fell 1.0% in premarket trading, has plunged 78.0% over the past three months, while crude oil futures has tumbled 63.4% and the S&P 500 has declined 18.8%.
Apache Corporation (NYSE, Nasdaq: APA) today provided additional information related to the strength of its liquidity position and capital structure in response to Standard and Poor’s decision yesterday to lower Apache’s credit rating. On March 26, 2020, Standard & Poor’s reduced Apache’s credit rating from BBB to BB+. While credit ratings serve a valuable purpose and are important to Apache, the company does not expect this ratings change will have any other material impact on its financial position, liquidity or business strategy.
The oil price crash has seen multiple oil and gas producers have their bonds pushed into distressed territory, with the credit agencies downgrading them to junk ratings
The U.S. Energy Department's latest inventory release revealed a ninth straight weekly increase in stockpiles though the build was lower than expected.