By comparison, Apache Corporation (APA, Financial) was the largest detractor from performance in the quarter. We believe this price action runs counter to APA's solid fundamentals. The company reported robust earnings results, driven by higher oil production, a significant decline in operating costs and an announcement of a major oil discovery at the Kwaskwasi-1 well, in Suriname. Furthermore, the company has ample liquidity and a manageable bond maturity profile for the next five years. At current levels, we continue to view the risk/reward favorably.
From John Rogers (Trades, Portfolio)' Ariel Focus Fund third-quarter 2020 commentary.
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