HOUSTON - APA Corporation (NASDAQ:APA), an energy company engaged in the exploration and production of oil and natural gas, has announced the addition of Kenneth M. Fisher to its board of directors. The appointment, effective immediately, brings a seasoned financial executive into the company's governance structure as it continues to navigate the energy sector.
Mr. Fisher, 62, is currently the executive vice president and chief financial officer of ChampionX, a global leader in oilfield chemical solutions and technologies. His extensive experience in the oil and gas industry includes his previous role as the executive vice president and chief financial officer of Noble Energy Inc (NASDAQ:NBL)., which was acquired by Chevron (NYSE:CVX) in October 2020. During his tenure at Noble Energy, Fisher also chaired the board of directors for Noble Midstream Partners (NASDAQ:NBLX).
Before his time at Noble, Fisher held various senior leadership roles at Shell (LON:SHEL) plc, including executive vice president of finance for Upstream Americas and director of strategy and business development. His career began at General Electric Company (NYSE:GE), where he occupied several financial positions.
APA's non-executive board chair, Lamar McKay, expressed confidence in Fisher's appointment, citing his "wealth of financial and leadership experience across the oil and gas value chain" as a valuable asset for the board.
This appointment comes as APA Corp continues to operate in key energy markets, including the United States, Egypt, the United Kingdom, offshore Suriname, and other locations. The company is known for its consolidated subsidiaries that both explore for and produce oil and natural gas.
APA Corporation regularly updates stakeholders on operational activities, investor information, and other news through its website. The addition of Fisher to the board is expected to provide strategic guidance in the company's efforts to meet global energy demands.
This announcement is based on a press release statement from APA Corporation.
In other recent news, APA Corporation announced the expansion of its board of directors and the appointment of Kenneth M. Fisher, bringing the total number of directors to eleven. Fisher, who has held senior leadership roles at Shell and General Electric Company, will join the Audit Committee and the Cybersecurity Committee. APA Corporation also reported significant Q3 2024 financial gains, including a $3 million realized gain on commodity derivatives and a substantial $178 million gain on natural gas transactions with Cheniere.
In analyst updates, JPMorgan raised its target for Apache Corp (NASDAQ:APA) to $29, citing expected outperformance against Q3 2024 consensus estimates. TD Cowen maintained its Hold rating on Apache Corp, while Truist Securities and Wolfe Research upgraded their price targets. However, Mizuho maintained an underperform rating, noting the higher costs of the Suriname project.
APA Corporation also announced the sale of non-core assets in the Permian Basin for $950 million. The company, together with TotalEnergies (EPA:TTEF), has committed to a $10.5 billion investment in Suriname's Block 58 offshore oil project, expected to produce over 750 million barrels of oil starting in 2028. These are among the recent developments in APA Corporation's operations and financial performance.
InvestingPro Insights
As APA Corporation welcomes Kenneth M. Fisher to its board of directors, investors may find additional context from InvestingPro's data and tips particularly relevant.
APA's financial metrics paint a picture of a company with strong profitability despite recent market challenges. The company boasts a remarkably low P/E ratio of 2.62, suggesting that its stock may be undervalued relative to its earnings. This is further supported by an InvestingPro Tip indicating that APA is trading near its 52-week low, which could present an opportunity for value investors.
Another InvestingPro Tip highlights APA's impressive track record of maintaining dividend payments for 54 consecutive years. This consistency in shareholder returns is reflected in the current dividend yield of 4.03%, which may be attractive to income-focused investors in the energy sector.
The company's financial strength is evident in its robust profitability metrics. With a gross profit margin of 71.39% and an operating income margin of 38.19% for the last twelve months as of Q2 2024, APA demonstrates efficient operations and cost management. These figures align with the InvestingPro Tip confirming that the company has been profitable over the last twelve months.
It's worth noting that InvestingPro offers additional insights, with 15 more tips available for APA Corporation. These could provide further depth to the analysis of the company's financial health and market position as it integrates new leadership into its board.
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