• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 1 hour Satellite Moons to Replace Streetlamps?!
  • 20 hours US top CEO's are spending their own money on the midterm elections
  • 45 mins EU to Splash Billions on Battery Factories
  • 6 hours U.S. Shale Oil Debt: Deep the Denial
  • 7 hours The Balkans Are Coming Apart at the Seams Again
  • 22 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 7 hours The Dirt on Clean Electric Cars
  • 18 hours Uber IPO Proposals Value Company at $120 Billion
  • 8 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 20 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 1 day Petrol versus EV
  • 24 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 day 10 Incredible Facts about U.S. LNG
Alt Text

U.S. Oil Production May Jump To 14 Million Bpd By 2020

Secretary of the Interior Ryan…

Alt Text

Are U.S. Oil Exports Really Unstoppable?

U.S. crude oil exports hit…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

Apache Resists Unsolicited Takeover Bid

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:


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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