Energy Business Report: Apache Back Online, Marathon Goes To Ethiopia
Apache Corporation (NYSE:APA) reports that its Gulf of Mexico production facilities are back online after operations were suspended due to Hurricane Isaac, and, North Sea output has recovered subsequent to maintenance activities. With current production of 800,000 barrels of energy equivalent per day, along with a large backlog of drilling locations and adequate cash flow, Apache expects to post record output in the fourth quarter.
Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>
Shares of Royale Energy (NASDAQ:ROYL) spiked Wednesday on word of its resumption of drilling operations at its Sacramento Basin natural gas field, at which location it has drilled 20 producing wells. Additionally, as many as 14 new prospects have been identified, after a 3D seismic survey earlier in 2012.
Marathon Oil Corporation (NYSE:MRO) will shell out as much as $50 million to make its initial move into Ethiopia, as its subsidiary agrees to acquire a 20 percent working interest in the South Omo concession, Agriterra Ltd. Tullow Oil (TUWOY.PK) is the operator with a 50 percent working interest, and Africa Oil holds the remaining 30 percent.