GO
Loading...

On the Line: Apache CEO Steve Farris

Tuesday, 13 Nov 2007 | 10:36 AM ET

There may come a day when we’re fondly remembering $100 oil.

Fuel's Gold
Eyeing Apache's earnings and growth, with Steve Farris, Apache president & CEO, and Mad Money host Jim Cramer.

National oil companies own 90% of the oil in the ground, Apache CEO Steve Farris told Cramer Monday, so the size of the pie is getting smaller for independent oil companies. And national companies aren’t usually as aggressive as market companies are when doing business. So, “I think we have a long way to go both on the oil price and the gas price before we see a real bottom,” Farris said.

The CEO doesn’t expect a slowdown in Apache either. The third quarter was one of the best quarters the company ever had, Farris said, and that was based on $75 oil. So even with oil down to $90, Q4 should be even better.


Questions for Cramer?
madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

  Price   Change %Change
APA
---

Featured

Contact Mad Money

  • Showtimes

    Monday - Friday 6p ET
  • Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

Mad Money Features

  • Grab the latest CNBC gear from the NBCUniversal Store!

  • Get a behind-the-scenes look at how Cramer formulates his investment advice. "Inside the Madness" is a column, which features e-mails and more with Cramer and his researcher Nicole Urken.

  • You’ve always wanted to hit the “Hallelujah!” button. Here’s your chance.