Apache Continues Egypt-Induced Tumble

Printer Friendly Version

Apache, the largest U.S. independent oil and gas producers, saw its shares slide 8.6% last week as political tensions and violent protests in Egypt escalated. Texas-based Apache has one of the largest footprints in the North African country of any Western oil company.

The damage to Apache's (APA) could have been worse. The stock closed at $114.84 on Friday, but traded as low as $110.29. Apache is the largest producer of oil in Egypt's Western Desert and the second largest oil producer in Egypt, according to the Associated Press.

Analysts have estimated Apache's Egypt business amounts to 20%-25% of its total production. Apache acquired additional assets in Egypt in late 2010 when through a deal with BP. Apache paid the British giant $650 million for oil drilling rights, a natural gas processing plant and other infrastructure in Egypt.

Apache and BP (BP), Europe's second-largest oil company, both said on Friday that protests in Cairo and other Egyptian cities were not having an impact on their operations in the country.

Archives:200920102011201220132014