Combating Tuesday’s 54.9-cent bounce to the upside, natural gas futures traders on Wednesday took almost all of it back as fundamentals still remain overwhelmingly bearish. March natural gas closed 44.8 cents lower on Wednesday at $7.283 as traders prepared for the virtual logjam of market-impacting events scheduled in the final days of the week.
Combating
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Apache Pays $715 M for 22 of Shell’s GOM Fields
Combating its poor first quarter performance, Houston-basedApache Corp. dramatically grew its asset base Thursday, paying $715million and transferring one million common shares of stock toShell in exchange for 22 fields in the Outer Continental Shelf ofthe Gulf of Mexico (GOM). Apache expects the transaction to add 20cents/share of value in 1999. The acquisition will go into effectretroactive to March 1.
April 30, 1999
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