/r/oilandgas
Oil and Gas industry news.
Oil and Gas industry news.
/r/oilandgas
Hey everyone, any $APA investors here? If you’ve followed Apache Corporation, you probably remember the Alpine High scandal that led to a massive stock collapse. If not, here’s a recap and the latest updates.
In 2016, Apache announced Alpine High as a game-changing oil and gas discovery, with massive financial potential. The company’s CEO at the time, John Christmann, assured investors of “significant value for shareholders for many years,” leading Apache stock to soar 61% that year.
However, internal reports later revealed that some wells produced little to no oil or gas, or had stopped producing completely within months.
By early 2020, Apache took a $3 billion write-down, abandoned Alpine High, and slashed its dividend by 90%. The stock, once trading at $69 per share, crashed 93% by March 2020, wiping out $24 billion in market value (an absolute disaster, tbh)
Following the fallout, investors sued Apache, accusing the company of hiding Alpine High’s failures and its real production prospects.
Fast forward to today, Apache has agreed to a $65M settlement to compensate affected investors and, it’s accepting claims even though the deadline has passed. So if you bought $APA shares back then, you may be eligible to file a claim to recover some of your losses.
Since then, Apache has pivoted its focus to other projects, including developments in Suriname and Egypt, in an attempt to rebuild investor confidence and improve its financial results.
Anyways, did you hold $APA during the Alpine High disaster? If so, how much did it impact you?
Hey guys, any $COG investors here? I posted about this settlement before, but with some recent updates, it’s worth sharing it again.
For those unfamiliar: A few years back, Cabot Oil faced accusations of failing to properly address issues with its gas wells, leading to water contamination in Pennsylvania. When this news broke, $COG’s stock dropped, and investors filed lawsuits over the company’s poor environmental practices.
As you might know, Cabot Oil already agreed to pay a $40M settlement to resolve these claims. And the good news is that they’re still accepting late claims. So if you were impacted back then, you can check the details and file for payment here or through the settlement administrator.
So, were any of you holding $COG during this time? How much did you lose if so?
https://youtu.be/RN0nR8Rx0KI?si=Ex9c1O_mD_kyFEyM&t=48
Our proven reserves aren't there, so what is he referring to?
Hi Folks!
Got a question about locating wells. My mother died 6 months ago, and she had interest in some wells. Now that me and my sister have completed probate, we are going through the process of getting whatever royalties transferred to us. We do know she was getting pretty large checks as of 6 months ago, so I'm trying to figure out what wells are still active, because we found a list in court documents of what appears to be the addresses of 7 wells. It has the section, township and the range. How do I look them up, to see what is still active?
This is in Oklahoma btw.
Thanks for any assistance!
Hey guys, any $CGRN investors here? If you’ve been following them, you may know the scandal connected to claims of revenue inflation, and hiding financial key info, before the bankruptcy filing in 2023. Well, we got some updates on this.
For newbies: back in August 2023, Capstone announced delays in its financial reports and a non-compliance notice from NASDAQ. A month later, Capstone disclosed that past financial statements could no longer be trusted and filed for bankruptcy.
All this situation caused $CGRN stock dropped and investors filed a lawsuit against the company for the losses.
The good news is that Capstone finally decided to settle with investors and pay them to resolve this. So if you were damaged by this, you can check the details and file for payment here.
Anyways, has anyone here been affected by this? How much were your losses if so?
Hey guys, I guess there are some APA investors here. If you missed it, we have some updates on the Alpine High scandal they had a few years ago. So I decided to post about it again.
For the newbies here, back in 2016, Alpine High was a big focus for APA, and the company promised great potential there. But, in 2020 they cut off the project, and gas production in the region alleging weak pricing. When the news came out, investors sued APA, saying it misled them about the project’s prospects.
The good news is that APA has agreed to pay a $65M settlement to resolve the situation. And I just discovered that even though the deadline has passed, they’re accepting claims. You can check the info and file for payment here.
Did anyone here invest in APA during the Alpine High hype? How did the project’s downfall impact you if so?