Apache Corp. (NYSE:APA) posted a 74% gain in third quarter earnings today. Results missed analyst estimates, but the stock is trading higher, perhaps on optimism in its production outlook, as well as its insistence it will close its acquisition of Mariner Energy (ME) later this month.
Apache is the #2 holding in the iShares Dow Jones U.S. Oil & Gas Exploration & Production Index Fund (AMEX:IEO), which is trading up 2.5% today. The top five holdings in the fund are Occidental Petroleum (NYSE:OXY), at 14.62% of the total, followed by Apache at 9.01%, Anadarko (NYSE:APC) with 7.79% of the portfolio, Devon Energy (NYSE:DVN) at 6.75%, and EOG Resources (EOG), at 6.16%.
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