@Rick - I can see some upside but there is still uncertainty in my opinion that will weigh on the stock.
Apache has not been clear about its strategy; it is also operating in an unstable environment and is also facing debt problems. And therefore has been rightly punished by the investors.
It is down 43 percent since April 29, 2011. It experienced a fall of 30 percent in 2012 and its shares have lost nearly 4 percent in this year. The factors contributing to this downward spiral include its exposure to Egypt.
It has been the largest producer in the region and though Arab Spring is over, uncertainty is still to be found.
Another factor is its lack of clarity, which is apparent from its acquisition of Mariner Energy at a 45 percent premium over the Mariner's closing price the day before the deal was announced in order to become a player in the deepwater Gulf.
But now it is selling its deepwater assets in the Gulf of Mexico to plug a $1 billion hole in its balance sheet.
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