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The CEO of Anadarko Petroleum Corp. has confirmed his company recently approached smaller rival Apache Corp.
Apache Corp. shares climbed as much as 13 percent on Monday.
Despite the downturn, the Houston oil producer believes it can boost its oil production this year
The hurricane season runs from June 1 through November, and usually peaks from mid-August through late October. This year’s season started early when Tropical Storm Ana struck South Carolina in May, but has been quiet since. No major hurricanes have formed.
Apache saw its oil production grow from both the first quarter and the second quarter of 2014, buoyed primarily by gains in Texas’ Permian Basin and in Egypt.
Beleaguered drillers wrote off $29 billion in the first quarter of the year alone, more than the 2014 full-year total of about $25 billion.
In just a few years of rapid growth, the Houston area now counts more than a dozen CNG stations from Rosenberg up to Conroe, including one by Apache Corp. in the Galleria area.
Houston-based Freeport-McMoRan Oil & Gas Inc. could be the first U.S. oil producer to launch an initial public offering this year, a sign that investors are figuring out what values to put on private oil and gas companies amid relatively steady $60 crude.
Houston-based Apache CEO and President John Christmann, who abruptly took over the CEO role in January, is merging North American operations into two “super regions” in Houston and the Permian region in Midland. A third international and offshore super region will consist of Apache’s Egypt, North Sea and Gulf of Mexico regions.
The sherriff’s office said one of the injured suffered an “impalement to the abdomen,” and another had non-life-threatening injuries to the face. The third had minor injuries, and was in stable condition as of Wednesday night, according to Reuters.