NEW YORK (TheStreet) -- Apache Corp. (APA) said an exploration well offshore Western Australia state had found as much as 300 million barrels of crude in what would be one of Australia's largest oil discoveries in decades, the Wall Street Journal reports.
The drilling result from the Phoenix South-1 well in the offshore Canning Basin could reopen a frontier for oil exploration that some international energy companies abandoned decades earlier after wells turned up dry, the Journal said.
Shares of Apache closed up at $98.68 on Friday.
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TheStreet Ratings team rates APACHE CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate APACHE CORP (APA) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: