Report summaryApache has protected its premium rating during the downturn through an ultra-conservative strategy, highlighted by some of the most aggressive investment cuts in our coverage. Cash flow has been prioritised above production growth on a sharpened portfolio that balances cash-generative conventional assets with resource-rich unconventional flexibility. An opportunistic bid from Anadarko and speculation around Occidental eyeing up a move have helped bake in an acquisition premium. We also suspect that our view of the company’s tight-oil position, much of which lies in inferior areas of name-brand plays, is less optimistic than the market’s .
This report includes 2 file(s)
- Apache corporate report PDF - 357.94 KB 15 Pages, 6 Tables, 15 Figures
- Apache Corporate Report.xls XLS - 3.37 MB