After a couple of recent acquisitions, Apache Corporation (NYSE:APA) has received new coverage from Credit Suisse, which started the company off with an "Outperform" rating. They also placed a price target of $120.00 on Apache.
Apache announced it will Mariner Energy for $2.7 billion, which will give them significant exposure to the deepwater Gulf of Mexico, where its presence has been minimal.
While not as important, the deal will expand an already strong position in the Permian Basin and shallow waters of the Gulf.
Devon Energy sold Apache its shallow water Gulf assets for $1 billion. That makes them the largest player in that area.
In another deal, Apache has acquired 254,000 net acres in the Anadarko Basin from Cordillera Energy Partners III LLC, for $2.85 billion.
All of this points to Apache being strongly positioned for future growth.
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