Energy company, Apache Corporation (NYSE:APA) also benefitted quarterly performance, trading +22.22% higher on strong operational results and U.S. oil production that was above guidance. The outperformance in the United States was driven by a combination of shorter completion cycle times, improving efficiencies and excellent performance from new wells. The company’s international exposure to Brent oil pricing contributed to high margins, high cash returns and strong free cash flow. In our view, the performance was solid from an execution and cost-control standpoint, and we are encouraged that management sees continued momentum going forward. Additionally, a number of insiders purchased shares of APA during the quarter, highlighting confidence in the business outlook.
From Ariel Funds' Ariel Focus Fund second quarter 2018 shareholder letter.
