• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 16 mins Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 58 mins Pollster Frank Luntz released a poll today showing 90% of those that voted for Trump in November would vote for him again.
  • 15 hours A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 8 mins CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 1 hour ICE Engines Hear to Stay Regardless of War Against
  • 4 hours Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 21 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 23 hours Minerals, Mining and Industrial Ecology
  • 1 day a In 2020, we produced and delivered half a million cars.
  • 12 hours One drawback of an EV . . . .
  • 20 hours Fast Car Charge Costs More Than Gas (?)
  • 10 hours Evidence is evidence, voter fraud by state
  • 3 hours Tonight Twitter took down Trump's personal account permanently. Trump responded on the POTUS account.
The Real Crisis For Oil Is Yet To Come

The Real Crisis For Oil Is Yet To Come

While energy companies have worked…

Oil Demand Is Still OPEC’s Top Concern

Oil Demand Is Still OPEC’s Top Concern

As the COVID-19 pandemic continues…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

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





Leave a comment

Leave a comment




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