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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Apache Corporation | NYSE:APA | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 17.73 | 0 | 01:00:00 |
From May 2019 to May 2024
By Micah Maidenberg
Shares of Apache Corp. (APA) shot up 21% to $30.96 in Tuesday morning trading, as investors cheered the energy producer's oil discovery in Suriname.
Apache and its partner in the Suriname development, Total SA (TOT), said earlier they found a significant amount of oil in a well drilled in the waters offshore from the South American nation.
Apache's stock has moved significantly on news related to the Maka Central-1 well. Last month, shares fell sharply after Apache issued an update about the well that contained relatively little information about exploration efforts.
"Though meaningful production impact should not be expected for several quarters, we believe that the shares will outperform today on the announcement," analysts at SunTrust Robinson Humphrey said, referring to Apache's stock.
The find also should give investors confidence in the potential for energy projects in the region, the analysts added.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
January 07, 2020 10:29 ET (15:29 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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