Share “Apache shares fall on Egypt turmoil”

Apache shares fall on Egypt turmoil

Associated Press Modified: January 28, 2011 at 2:07 pm •  Published: January 28, 2011

NEW YORK (AP) — Shares in the oil and gas company Apache Corp. have fallen 6 percent over two days on worries that its extensive operations in Egypt will be interrupted by the political turmoil in the country.

Apache Corp., based in Houston, is the largest producer of oil in Egypt's Western Desert and the second largest oil producer in Egypt.

The company's Egypt operations account for 20 percent to 25 percent of Apache's production, according to Phil Weiss, an analyst at Argus Research.

An Apache spokesman said Friday its operations were unaffected by the turmoil.

Apache paid BP $650 million in November to acquire oil drilling rights, a natural gas processing plant and other infrastructure in Egypt.

Shares traded at $114.93 Friday afternoon. They closed at $122.10 on Wednesday.