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MarketScreener Homepage  >  Equities  >  Nyse  >  Apache Corporation    APA

APACHE CORPORATION

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Canada Approves Second Liquefied Natural Gas Export License

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04/11/2012 | 05:45pm EST

(Adds further detail on the project and natural gas prices in second and following paragraphs.)

--Canada issues second liquefied natural gas export license

--License goes to a co-operative of small gas producers

--Producers are seeking LNG exports as a way to sell at higher prices in Asia

 
     By Edward Welsch 
     Of  
 

The Canadian government issued its second liquefied natural-gas export license Wednesday, to a gas-producer cooperative that plans to ship LNG to Asia from a British Columbia port.

The BC LNG Export Co-operative, comprising 13 small producers, received a 20-year license to ship 2.4 billion cubic meters a year to markets in Asia from the western port city of Kitimat, B.C. The project is a joint-venture between Houston's LNG Partners LLC and British Columbia's Haisla First Nation. It envisions allowing smaller producers to export natural gas abroad where it can fetch better prices.

Natural gas prices across North America have fallen to historic lows amid a glut of supply unlocked by hydraulic fracturing technologies. Natural gas futures closed below $2 per million British thermal units Wednesday. In Asian markets, it sells for several times that price.

"This export license is another example of our government's commitment to diversifying our energy export markets and strengthening our trading partnership with Asia," Natural Resources Minister Joe Oliver said in a statement.

BC LNG's export license is the second issued by the Canadian government, after it granted an export license last year to a larger LNG export joint venture between Apache Corp. (>> Apache Corporation), Encana Corp. (ECA) and EOG Resources Inc. (EOG), also located in Kitimat.

-By Edward Welsch, Dow Jones Newswires; 403-229-9095; edward.welsch@dowjones.com

Stocks mentioned in the article : Apache Corporation
Stocks mentioned in the article
ChangeLast1st jan.
APACHE CORPORATION -0.96% 29.98 Delayed Quote.18.29%
ENCANA CORPORATION -4.43% 4.96 Delayed Quote.-14.64%
EOG RESOURCES INC. -2.42% 79.85 Delayed Quote.-4.67%
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Financials (USD)
Sales 2019 6 327 M
EBIT 2019 867 M
Net income 2019 -591 M
Debt 2019 8 368 M
Yield 2019 3,39%
P/E ratio 2019 -19,9x
P/E ratio 2020 94,9x
EV / Sales2019 3,10x
EV / Sales2020 2,93x
Capitalization 11 274 M
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Mean consensus HOLD
Number of Analysts 31
Average target price 30,64  $
Last Close Price 29,98  $
Spread / Highest target 30,1%
Spread / Average Target 2,19%
Spread / Lowest Target -33,3%
EPS Revisions
Managers
NameTitle
John J. Christmann President, Chief Executive Officer & Director
John E. Lowe Independent Non-Executive Chairman
Craig W. Collins Vice President-US Midstream Operations
Stephen J. Riney Chief Financial Officer & Executive Vice President
Mark D. Maddox Chief Information Officer & Vice President
Sector and Competitors
1st jan.Capitalization (M$)
APACHE CORPORATION18.29%11 274
CNOOC LIMITED0.62%74 912
CONOCOPHILLIPS-3.71%68 711
EOG RESOURCES INC.-4.67%46 454
OCCIDENTAL PETROLEUM CORPORATION2.45%37 716
CANADIAN NATURAL RESOURCES LIMITED-5.29%35 914