Goldman Sachs Comments On APA Analyst Meeting

In a recent report, Goldman Sachs has commented on Apache (NYSE: APA) after their May 17th analyst meeting. At the meeting, APA reiterated 2012-2015 average production growth expectations, provided color on a 5 year production inventory & drilling and raised 2011 Budget from $7.50 bn to $8.12 bn. After the meeting, Goldman Sachs has reiterated the price target of $155.00 as well as the other estimates on Apache, as the changes are in line with expectations.

In the report, Goldman Sachs said, "We came away from the Apache meeting with renewed confidence that the Street is underappreciating: (1) running room in Egypt, (2) resource potential in the Permian Basin, and (3) gas price upside in Australia/Argentina."

APA closed yesterday at $121.43.