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Tuesday, October 14, 2014

Apache's CFO resigns after eight-month stint, (NYSE: APA)

Apache Corp, a U.S. oil and gas company under pressure from activist investor Jana Partners to sell assets, said on Tuesday Alfonso Leon, its chief financial officer, is leaving the company eight months after he was appointed to the job. Apache said the departure was not "related to any issues regarding financial disclosures, accounting or legal matters." Leon is leaving to pursue other opportunities, Apache said.Apache, which plans to update investors on its North American operations at a meeting on November 20, previously announced plans to sell or spin off its international assets and its stakes in two liquefied natural gas (LNG) projects, actions Jana had urged."As we have previously outlined, Apache is transforming into a leading North America-focused exploration and production company with an extensive resource base, strong production growth and a commitment to maximizing rate of return," Steve Farris, Apache's Chief Executive Officer said in a statement.Apache executive vice president P. Anthony Lannie will serve as interim CFO, the Houston-based company 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 fell by 2.02% or $-1.53/share to $74.40. In the past year, the shares have traded as low as $75.83 and as high as $104.57. On average, 2850670 shares of APA exchange hands on a given day and today's volume is recorded at 4402448.