• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 49 mins Science: Only correct if it fits the popular narrative
  • 53 mins Crazy Stories From Round The World
  • 9 hours What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 7 hours China's Renewables Boom Hits the Wall
  • 14 hours EU has already lost the Trump vs. EU Trade War
  • 1 day Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 1 day ''Err ... but Trump ...?'' *sniff
  • 8 hours Do The World's Energy Policies Make Sense?
  • 8 hours Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 45 mins Impeachment Nonsense
  • 1 day Tesla Launches Faster Third Generation Supercharger
  • 13 hours Water, Trump, and Israel’s National Security
  • 2 days Passerby doused with flammable liquid and set on fire by peaceful protesters

Breaking News:

Russia Plans To Boost Crude Oil Exports

Alt Text

Chinese Oil Imports Soar To Record High

China’s crude oil imports reached…

Alt Text

The Uncertain Fate Of U.S. Shale In 2020

The fate of U.S. shale…

Alt Text

Venezuela Is Using Invisible Oil Tankers To Skirt Sanctions

Venezuela’s oil exports rebounded in…

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
Download on the App Store Get it on Google Play