What do you think about APA buying them? Got this from APA's news page.
HOUSTON, July 23 (Reuters) - Independent oil and gas
producer Apache Corp. said on Thursday it was looking for
acquisitions and considering share repurchases.
"We're in the boat, shotguns loaded, waiting for some plump
ducks to fly over," said Raymond Plank, Apache chief executive,
in a statement. "Our balance sheet could accommodate a $500
million acquisition, should property costs continue to fall."
"Our overriding 1998 objective was to build Apache's
financial flexibility to be prepared to act on opportunities
arising from declining service and acquisition costs," he said.
Plank added that lower oil prices this year are creating a
"buyers' market."
Those lower prices, however, hurt the company's second
quarter results.
Apache's net income in the second quarter fell 64 percent
to $9.2 million, or $0.09 per diluted share, from $25.7
million, or $0.27 per diluted share, last year. Apache's
second quarter, however, was in line with Wall Street
estimates.
Apache oil production increased 10,301 barrels per day
compared with last year, but the company realized an average of
$13 per barrel this quarter, down 30 percent from $18.44 per
barrel in the second quarter last year.
In New York Stock Exchange composite trading at midmorning,
Apache was down $0.50 per share at $26.75.
859-1700))
REUTERS
Rtr 12:36 07-23-98 |
