Inside Apache's Alpine High Fiasco: Deception, Fraud, And A $3 Billion Write-Down
Portfolio Pulse from Stan Vick
Apache Corporation faced a major setback with its Alpine High project, leading to a $3 billion write-down and a 93% stock price drop. The company misled investors about the site's viability, resulting in a $65 million settlement. Apache has since shifted focus to other projects.
October 28, 2024 | 7:08 pm
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Apache Corporation's Alpine High project resulted in a $3 billion write-down and a 93% stock price drop due to misleading information about the site's viability. The company settled a lawsuit for $65 million and is now focusing on new projects to regain investor confidence.
The news highlights a significant past event for Apache Corporation, involving a major financial write-down and legal settlement. While the immediate impact on stock price has already occurred, the company's shift in focus to new projects may influence future performance.
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