• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 2 hours Australian Voters Reject 'Climate Change' Politicians
  • 6 hours Australia Election Summary: "This was the Climate Change Cult Election, and the Climate Change Cult Lost"
  • 10 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 2 hours Shale to be profitable in 2019!!!
  • 43 mins Global Warming Making The Rich Richer
  • 14 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 14 hours IMO2020 To scrub or not to scrub
  • 14 hours California Threatens Ban on ICE Cars
  • 13 mins Shell ‘to have commercial wind farms’ by early 2020s
  • 15 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 15 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
  • 10 hours Some Good News on Climate Change Maybe
  • 6 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 6 hours DUG Rockies: Plenty Of Promise, Despite The Politics
Alt Text

No, The Oil Glut Hasn’t Disappeared

Weaker than expected oil demand…

Alt Text

Iran’s Oil Exports Implode As Sanctions Sting

Early data suggests data suggests…

Alt Text

Mystery Tanker With Iranian Oil Unloads In China

A tanker carrying Iranian fuel…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

Apache Resists Unsolicited Takeover Bid

Apache Corporation, a Houston-based oil and gas exploration company, says that it has fended off an unsolicited takeover bid, and will continue to defend against follow up attempts to buy out the company.

Bloomberg reported the news, and thus far the bidder has not been identified. The company’s shares jumped on the news, up more than 10 percent during midday trading on November 9. Apache is worth around $18 billion, so if a takeover were to occur, it would be the largest for an independent oil and gas company this year. Related: Political Climate Shifting Against The Oil And Gas Industry

Apache reported its quarterly earnings on November 5, beating expectations because of rising production. It still reported a very large loss of $5.7 billion for the quarter, however, including a $3.7 billion impairment charge because of low oil prices as well as other write-downs. Excluding one-time charges, Apache only posted a net loss of about $21 million, or $0.05 per share. All this considered, it wasn’t a bad quarter. A large chunk of Apache’s production takes place in the Permian Basin in West Texas, one of the few remaining oil and gas basins in North America that are still profitable even with crude prices at $50 per barrel. Nevertheless, Apache has slashed capital spending by over 60 percent this year in order to trim its losses. Related: How Shale Oil Will Survive The Crude Carnage

It is unclear if there will be further attempts to take over the Texas driller. Apache is working with Goldman Sachs to play defense against more unsolicited takeover bids.

The Wall Street Journal reported that banks are having trouble selling off loans they made for M&A acquisitions. Although there has been a lot of activity in the M&A space, interest in high-yield debt is cooling, making it difficult for banks to unload loans they have made for takeovers. This is a phenomenon that is occurring in more than just the energy sector, but M&A activity could slow down as buyers of risky debt grow more cautious.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News