APACHE CORP. $83 (New York symbol APA;Aggressive Growth Portfolio, Resources sector;Shares outstanding: 391.9 million; Market cap: $32.5billion; Price-to-sales ratio: 2.0; Dividend yield: 1.0%;TSINetwork Rating: Average; www.apachecorp.com)produces oil and gas in the U.S., Canada, the U.K.,Australia, Egypt and Argentina.
The company plans to sell some of its less importantproperties this year, including its offshore oil and gasholdings in the Gulf of Mexico. Offshore drilling ismuch riskier than Apache’s onshore operations. In addition,the 2010 sinking of the Deepwater Horizon rigand the resulting oil spill led to new safety rules thathave raised Apache’s costs.
As well, political uncertainty in Egypt will likelyprompt Apache to try to sell its gas operations there.Egypt supplies 20% of Apache’s gas output.
Apache expects these sales to raise $4 billion. It willput $2 billion toward its $11.5-billion long-term debt,which is equal to 35% of its market cap. The companywill use the remaining $2 billion to buy back 7.5% ofits outstanding common shares.
Meanwhile, Apache keeps raising its onshore production.In the quarter ended March 31, 2013, its outputrose 1.6%, to 781,819 barrels a day of oil equivalent(55% natural gas and 45% oil). Due to weakerprices, earnings fell 31.6%, to $806 million, or $2.02 ashare. A year earlier, it earned $1.2 billion, or $3.00 ashare. Cash flow per share fell 13.1%, to $5.78 from$6.65, while revenue declined 10.1%, to $4.1 billionfrom $4.5 billion.
The company will likely earn$8.52 a share in 2013. The stocktrades at just 9.7 times that forecast.It also trades at a low 3.8times Apache’s likely cash flow of$21.60 a share. However, thestock could fall if the companyfails to find buyers for its variousproperties. As well, the $0.80dividend yields just 1.0%.
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