Apache Corporation: Global Ambitions

Apache Corporation survived and excelled more than 50 years in one of the world’s most challenging industries, the exploration and production of oil and natural gas. And it did so in its own way, with a unique set of skills that allowed it to be one of the industry’s lowest-cost producers. But in 2019, its fortunes were clearly on the decline. Following the 2008 financial crisis, most of the major oil and gas firms enjoyed an extended period of growth and profitability. But not Apache. The company’s financial results and share price had been sliding for years. Beginning in 2015, the company undertook a change in direction, exiting most of its major international projects to focus on U.S. operations, specifically the Permian Basin. A major discovery in the Permian of West Texas in 2016, Alpine High, was expected to be the turning point. But three years later, the company’s performance continued to slide. Investors wanted to know what was next