Apache stock closes at $19.54, down $2.74 (12.3%) close to a 19 year low. It is the largest single day drop (in percent) since November 2008. This is based on evaluation of an exploratory well in block 58, offshore Surinam. Initial depth of 6200 meters evaluated 2 play zones in the upper Cretaceous. Drilling will continue to a depth of 6900 meters to evaluate a third upper Cretaceous play. No news is bad news.
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For all of their “fire in the belly” talk, it’s just heartburn.
Sorry for the stock holders when no news on a rogue well is translated into a meltdown. Obviously senior management has earned little faith from the investors.
Any news from the CEO these days is bad news.
He has only been successful at doing one thing: enriching himself while destroying shareholder value.
The Board needs to wake up and re-org him out of a job!