Apache Corporation has revealed that it will list its common stock solely on the Nasdaq Stock Market from June 9.
The company said it will discontinue listing its common stock on the New York Stock Exchange and the Chicago Stock Exchange after the market closes on June 8. Apache added that it will discontinue listing its 7.75 percent notes due 2029 from the New York Stock Exchange on the same date and stated that such notes will no longer be listed on any national securities exchange.
“We’re pleased to continue our relationship with Nasdaq through this exclusive listing. Apache has been listed on Nasdaq since 2004, and our shareholders have benefited from efficient, orderly trades on its electronic platform,” John J. Christmann IV, Apache’s chief executive officer and president, said in a company statement.
“This decision is part of our ongoing initiatives to simplify processes and increase efficiency; Nasdaq provides premium services that allow us to reach investors in a cost-effective manner,” he added.
Nelson Griggs, president of the Nasdaq Stock Exchange, said, “we are proud to be Apache’s primary listing exchange and continue to provide the company with advisory tools, market analytics and access to enhanced liquidity supported through our superior market model”.
Earlier this month, Apache reported a loss of $4.5 billion, or $11.86 per diluted common share, during the first quarter of 2020. Back in March this year, the company announced multiple actions in response to the oil price environment. These included reducing its Permian rig count to zero and cutting its 2020 capital investment plan.
Apache is an oil and gas exploration and production company based in Houston, Texas. The business conducts exploration and production operations in the United States, Egypt and the United Kingdom and exploration activities offshore Suriname.
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