What is Apache Corporation?
Apache Corporation isa Texas-based international natural gas and petroleum production and exploration company. It specializes in the development and production of crude oil, natural gas and natural gas liquids. In 2017 the company produced some 457,000 barrels of oil equivalent a day. Just over half of this was in the United States.
The company says its vision is to be the premier exploration and production company with global assets focused on North American growth. It aims to grow “in an innovative, safe, environmentally responsible and profitable manner” for the long-term benefit of its shareholders. Apache Corporation is on the Fortune 500 list.
Who are the key people at Apache Corporation?
John J. Christmann has served as the company’s Chief Executive Officer and President since January 2015. With three decades’ experience in the oil and gas industry, including almost 20 years at Apache, he knows the business well. Other key figures at Apache Corporation include Chief Financial Officer Stephen J. Riney and Chief Information Officer Mark D. Maddox.
What is the modern history of Apache Corporation?
The Apache Oil Corporation was founded back in 1954, and it drilled its first wells the following year in the Cushing field near Oklahoma City. Apache became a public company through an initial public offering in 1969. Over the following decades, it expanded operations to offshore Western Australia, Egypt and Canada. In 2003 it acquired the Forties oilfield in the UK North Sea, along with assets in the Gulf of Mexico, from BP for $1.3 billion. Another major development came in 2012 with the acquisition of Cordillera Energy Partners for $2.5 billion in cash and 6.3 million shares of common stock. But in recent years Apache Corporation has sold a number of assets – in 2015 those in Western Australia, and in 2017 its Canadian assets.
What are the latest developments at Apache Corporation?
The corporation’s full year 2017 results saw Apache returning to profitability, with income of $1.3 billion, or $92 million on an adjusted basis. The company revealed that from 2018 to 2020, it expected to invest around $7.5 billion in upstream worldwide, along with $1 billion in midstream at Alpine High in the Delaware Basin.
In March 2018, Apache announced a significant discovery at Garten Prospect in the UK North Sea. The recoverable resource was estimated to be over 10 million barrels of light oil. But despite the good news, the Apache Corporation share price– which stood at over $100 in August 2014 – remained somewhat depressed at under $40 around the end of March 2018.
To find out how the shares are doing now, follow Capital.com. Our APA chartwill show you the ups and downs of Apache Corporation’s share price over recent weeks and months.
Where does Apache Corporation operate?
Headquartered in Houston, Texas,Apache Corporation currently has operations in the United States (Gulf Coast Onshore, Gulf of Mexico, Anadarko Basin and Permian Basin); United Kingdom North Sea (Forties, Beryl and SAGE pipeline); and Egypt. At year end 2017, Apache Corporation had 3,356 employees. This compared with almost 6,000 staff in 2012, before the sale of a number of the company’s assets.
Where is Apache Corporation traded?
Apache Corporation shares are traded on the New York Stock Exchange and are included in the S&P 500 index. Check out Capital.com for the latest APA chart. We’ll keep you up to date and in the picture.