Why APA, Centennial Resource Development, and Obsidian Energy Were Rising by Double Digits This Week
Shares of North American oil and gas producers APA (NASDAQ: APA), Centennial Resource Development (NASDAQ: CDEV), and Obsidian Energy (NYSEMKT: OBE) were surging this week, up 10.9%, 12.6%, and 11.1%, respectively as of noon ET on Friday.
Each of these companies is a North American shale producer, although APA has some offshore and international operations as well in the U.K., Egypt, and off Suriname, while Centennial is a pure play on the Delaware Basin of the Permian shale, and Obsidian operates in western Canada.
There wasn't a lot of new news from any of these companies, although APA did announce a discovery of oil in its leased block off the coast of Suriname.
Source Fool.com
