Shares of Apache Stumble on Unhelpful Drilling Update
Shares of exploration and production company Apache (NYSE: APA) are down 13.1% as of 11:30 a.m. EST today. Today's move comes after the company issued an update on one of its major drilling projects that was lacking the results investors were hoping or.
Apache's management has been touting two major oil production projects that were supposed to be game changers for the company: the Alpine High discovery in the Permian Basin and an offshore drilling block in Suriname. Both had a lot of hype around them because so many other oil and gas producers have had success in similar areas. The prolific results from the Permian Basin are well documented, and ExxonMobil has had incredible success in offshore blocks in neighboring Guyana.
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Source Fool.com
