The second quarter was relatively kind to oil and gas producer Apache
The thing is, most of the so-called independents -- the large E&Ps without refining and marketing businesses -- are quite levered to North America, or natural gas, or both. Apache sports both a more international and oily product mix.
Consider the sad state of North American natural gas. Industrial demand continues to slump, and curtailments by the likes of Chesapeake Energy
The thing is, over 40% of Apache's gas production pie came from outside North America this quarter, and that fast-growing slice saw an 8% sequential increase in price. Oil production, which comprises 48% of Apache's output, is an even bigger differentiator. With the increase in crude prices this quarter, Apache saw oil and liquids revenue jump 45% sequentially.
The much stronger economics of oil production are motivating some peers, like EOG Resources
For now, Apache's balance is yet another reason that this firm stands out among the U.S. independents.