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Strategies & Market Trends : Value Investing
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To: Jurgis Bekepuris who wrote (50496)1/4/2013 2:44:45 AM
From: Spekulatius  Read Replies (1) of 78476
 
Care to elaborate why you think APA is expensive ? Like APA - 3B BOE of proved reserves on 12/31/2011 at a 42B$EV, which is ~14$BOE. Half of those reserves are oil and another chunk is international NG, which does not have the same pricing issues that NA NG has. They have decent LT track record of growing reserves. even assigning no value to midstream and unproved reserve, APA does not look expensive to me.

DVN is somewhat cheaper than APA based on proved reserves, but has a much higher exposure to NA NG.
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