|Bid||32.67 x 900|
|Ask||32.77 x 900|
|Day's Range||32.57 - 33.24|
|52 Week Range||18.33 - 38.12|
|Beta (5Y Monthly)||1.95|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 24, 2020 - Mar 01, 2020|
|Forward Dividend & Yield||1.00 (2.98%)|
|Ex-Dividend Date||Jan 19, 2020|
|1y Target Est||30.98|
Guyana has been the offshore success story of 2019, and Suriname could be the story of 2020 after Apache and Total made a significant discovery of both oil and condensate off its coast
Apache Corporation (NYSE, Nasdaq: APA) has announced the donation of over 61,000 trees to 54 partner organizations through its annual Apache Tree Grant Program. "Now in its 14th year, Apache’s tree grant program is one of many ways our employees and the company make lasting positive contributions to our communities,” said John J. Christmann IV, Apache's chief executive officer and president. “We are most grateful to Apache for their generous investment in trees for our campus,” said Rebecca Gentry, the University of Houston’s assistant vice president for strategic initiatives.
Apache (APA) shares rocket following a discovery offshore Suriname block 58. BP plc (BP) agrees to divest certain North Sea assets for $625 million.
The Zacks Analyst Blog Highlights: Apache, Occidental Petroleum, Chevron, Halliburton Company and National Oilwell Varco
Benzinga has examined the prospects for many investor favorite stocks over the past week. Benzinga continues to examine the prospects for many of the stocks most popular with investors. In Shanthi Rexaline's "7 Reasons Why Apple Is Staying On Needham's Conviction List In 2020," find out why, despite some short-term concerns, Apple Inc. (NASDAQ: AAPL) remains a long-term pick.
(Bloomberg Opinion) -- We’re not even two weeks into 2020 and the oil market has ripped through a cycle already. Courtesy of geopolitical spiciness in the Middle East, prices jumped, had a little think about it, and then slumped back into the easy chair. Still, with Iran’s nuclear deal unraveling and the U.S. election spooling up in the background, we can expect more mini-dramas as the year unfolds.But one cycle has likely come to an end already, if Friday’s job numbers are any guide.The U.S. oil and gas production business cut 6,500 jobs in November, according to preliminary figures from the Bureau of Labor Statistics.(1)That took its ranks to 430,200 — effectively flat with where it was in November 2018. In other words, the period of year-over-year job gains in the sector that began in June 2017 has come to an end. When December’s figures are published, and notwithstanding an increase in extraction jobs, overall payrolls will likely show a slight dip.At 30 months, this latest period of gains was notably short, roughly half the length of the two prior cycles. It also came off the deepest jobs recession in the industry going back at least three decades. That whipsaw speaks to both the scale of the crash in energy markets that kicked off in late 2014 and the compressed time scales of shale production versus the longer cycles of conventional fields.It isn’t all bad, though. While jobs have plateaued, they have leveled out at where they were in late 2015. That is still 100,000 or so fewer than the pre-crash peak. But as is by now painfully clear from the drubbing meted out to E&P stocks, that frenzy of activity was economically unsustainable.Just this week, Apache Corp. announced hundreds of job cuts despite having also delivered news of a major discovery in offshore Suriname. Meanwhile, Occidental Petroleum Corp. is also beginning layoffs as it tries to reduce the debt taken on in last year's acquisition of Anadarko Petroleum Corp. Clouds over long-term demand and the sheer volatility induced by things like tremors in the Middle East mean the mindset of doing more with less should be a lasting legacy of the past five years’ experience. By my rough calculation, E&P wages are running at around 10% of revenue — on a par with 2012, when oil averaged almost $100 a barrel(2). With E&P companies still early in the process of repairing balance sheets and reputations with investors, even geopolitical frisson isn’t likely to spur another hiring binge. (1) Oil and gas extraction employment figures are released on the same schedule as overall payroll figures. Oil and gas support employment (roughly 60% of the upstream workforce) comes with a two-month lag. Hence, November 2019 is the latest month for which we have complete data.(2) I calculate this by multiplying employees by hours worked and hourly rates to get the overall wage bill. Revenues are calculated by multiplying production of crude oil, natural gas and natural gas liquids by average monthly spot prices.To contact the author of this story: Liam Denning at firstname.lastname@example.orgTo contact the editor responsible for this story: Mark Gongloff at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Amid an overall bull market, many stocks that smart money investors were collectively bullish on surged in 2019. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 57%. Our research shows that most of the stocks that smart money likes historically generate strong risk-adjusted returns. That's why we weren't […]
In a bid to rebound from the cautious spending by oil and gas as well as exploration and production companies due to soft oil prices, Apache (APA) plans to slash global headcount by 500.
The hottest area for new oil and gas production isn’t in the Middle East or the U.S. Permian Basin. It’s off the northeast coast of South America.
The company notified the Texas Workforce Commission of hundreds of jobs that will be cut due to the closure of a San Antonio facility.
San Antonio-based workers for Houston driller Apache Corp. will soon be out of a job, the company told the Texas Workforce Commission this week. In a letter dated Jan. 6, Dominic Ricotta, senior VP of human resources, said that all 272 workers in the Alamo City will be laid off on Mar. 6. Shutting down the San Antonio office is part of that centralization process, as well as cutting 10 to 15 percent of its workforce worldwide, a company spokesperson said in a statement Thursday.
Apache Corporation (NYSE: APA ) shares were maintaining their gains Wednesday following a huge spike a day earlier after the company announced a significant oil discovery off the coast of Suriname. Apache ...
Shares of Apache Corp. blasted off to its biggest one-day gain in nearly 50 years, after the oil-and-gas company announced a “significant oil discovery” off the shore of Suriname, Africa.
Investing.com - U.S. equity futures indicate a positive start to the day on Wall Street Wednesday, as investors hope the strikes on U.S. forces in Iraq by Iran will result in an end to the military action. This means they could return to looking at the fundamentals surrounding individual stocks. With this in mind, here are some companies which are likely to be in focus today.
(Bloomberg) -- Apache Corp. proved skeptics wrong with a major discovery off the northeast coast of South America, a hotly anticipated oil target that investors had feared would be another flop for the U.S. producer.The update on the Maka Central-1 well in Suriname offers a path forward for Apache, which had fallen out of favor with investors after the company’s Alpine High project in the Permian Basin of West Texas ended up being richer in natural gas than more-valuable oil. Apache surged 27% in New York, the most in at least four decades, after the Houston-based explorer and new partner Total SA announced the find Tuesday.Initial data indicates “the potential for prolific oil wells” in the block, Apache Chief Executive Officer John Christmann said in a statement, with seismic imaging suggesting “a substantial resource.”Suriname success “could be transformational for a company that has been a laggard since its last major discovery, Alpine High, fell short of expectations amid weak Permian natural gas prices,” Stifel Financial Corp. analysts said in a note to clients.The cost of protecting Apache’s credit against default fell and prices for the company’s bonds rose on the Suriname announcement.The discovery eases concerns that the fate of Apache’s Suriname program would mirror that of Alpine High, a project in a little-drilled corner of the Permian which the company announced to much fanfare in 2016.Suriname jitters reached a fever pitch last year after the company’s head of exploration abruptly departed, a move that sent shares plunging even as Apache insisted it was unrelated to the Maka Central-1 results. A month-and-a-half later, Apache released a vague update on Suriname that spooked investors who thought the company was continuing to drill because its initial activities had been unsuccessful.“This appears to be a significant discovery and should be viewed very positively,” RBC Capital Markets analysts said. Bank of America upgraded the stock to buy from hold and said the discovery could be a “game changer for the investment case,” while JPMorgan Chase & Co. upgraded it to hold.Apache announced its 50-50 joint venture with Total for Suriname’s Block 58 at the end of last year, days after Exxon Mobil Corp. and Hess Corp. started commercial production in Guyanese waters. The Guyana-Suriname basin along the north coast of South America is emerging as the oil industry’s hottest exploration play as investors cool on U.S. shale and the appetite for fresh offshore discoveries grows.Apache didn’t quantify its expectations for how much the Suriname play could produce, though analysts at Credit Suisse AG said the current share price signals investors expect a gross oil resource of 1.45 billion to 1.78 billion barrels of oil equivalent for Block 58.“While some good news had undoubtedly been baked in post the Total partnership announcement, we expect the stock to react well today as this discovery and the potential success of additional prospects could secure oil resource growth for years to come,” analysts at Tudor, Pickering, Holt & Co. said.What Bloomberg Intelligence SaysThe announcement that the Maka Central-1 well in offshore Suriname successfully tested for hydrocarbons should temper near-term negative sentiment from the departure of Apache’s head of exploration, along with the dearth of information on the exploration well. The farm-out to Total alleviates risk, aids financing for the project and adds deepwater expertise.\--Vincent Piazza and Evan Lee, analystsClick here to read the research(Updates share performance in second paragraph. A previous version of this story corrected Apache’s credit rating.)\--With assistance from Joshua Fineman, Michael Bellusci and Adam Cataldo.To contact the reporter on this story: Rachel Adams-Heard in Houston at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, Joe CarrollFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Shares of Apache Corp. rocketed 26% on heavy volume Tuesday, putting them on track for the biggest one-day gain since 1973, after the oil and gas exploration company announced a "significant oil discovery" off the shore of Suriname in South America. The rally was enough to pace all the stocks in the S&P 500 that were gaining ground. Trading volume swelled to 20.4 million share, nearly triple the full-day average. Apache said the discovery was at the Maka Central-1 well drilled offshore Suriname on Block 58, which was drilled using the drillship Noble Sam Croft with both Apache and Total S.A. holding 50% working interests. BofA Merrill Lynch analyst Doug Leggate followed by upgraded Apache to buy from neutral and raising the stock price target to $36 from $28, saying the discovery is a "potential game changer" for the investment case for Apache. The stock, which is heading toward its best one-day performance since it rose 30.8% on Sept. 25, 1973, has now gained 10.6% over the past 12 months, while the SPDR Energy Select Sector ETF has slipped 0.9% and the S&P 500 has gained 27.1%.