U.S. oil and gas company Apache Corp, under pressure from activist investor Jana Partners, said on Thursday it plans to sell interests in two liquefied natural gas (LNG) projects as it sharpens the focus on developing North American shale fields.The move, a significant pullback from the LNG market, relieved investors worried about the potential project costs. Apache shares rose to their highest in more than two years.Apache also reported that profits fell in the second quarter, but still topped expectations.Apache said it intends to completely exit LNG projects - in which it partners with Chevron Corp - in Wheatstone in Australia and Kitimat in Canada. Apache is also evaluating international assets, including operations in Egypt and the United Kingdom, and exploring multiple opportunities, it said.
Apache Corporation (Apache) is an independent energy company, which explores for, develops, and produces natural gas, crude oil, and natural gas liquids. Shares of APA traded higher by 1.94% or $1.96/share to $103.25. In the past year, the shares have traded as low as $75.07 and as high as $104.00. On average, 2884910 shares of APA exchange hands on a given day and today's volume is recorded at 3206475.
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