Apache (APA) Stock Jumps On TOTAL JV In Suriname's Block 58
Zacks Investment Research | Dec 24, 2019 07:18AM ET
Shares of Apache Corporation (NYSE:APA) rallied more than 17% in yesterday’s trading, hitting an all-time high among the S&P 500 components, after the energy explorer teamed up with TOTAL S.A. (NYSE:TOT) in Suriname. With a view to explore and develop Block 58 offshore Suriname, Apachehas entered into a joint venture (JV) with French company TOTAL. Notably, both companies will own 50% of the working interest in Block 58.
Block 58 covering 1.4 million acres in water depths is located near ExxonMobil (NYSE:XOM) and Hess’ (NYSE:HES) Stabroek block in Guyana, which is South America’s newest oil giant. The field seems to be a unique, large-scale oil resource opportunity.
The deal with TOTAL is particularly pleasing for Apache as it shortly follows an update by the company on an exploratory oil well in Block 58, which had earlier left investors disgruntled and pulled down the stock price.
Apache Corporation Price
Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.