APA Corporation’s (Nasdaq: APA) subsidiary Apache Corporation has disclosed plans to expand its partnership with LongPath Technologies, Inc. for continuous methane emissions monitoring in the Permian Basin of southeast New Mexico and west Texas.
APA operates as an energy company, which engages in the exploration, development, and production of natural gas, crude oil, and natural gas liquids. LongPath is a leader in providing 24/7 real-time monitoring for methane leaks.
Back in the Fall of 2021, Apache had adopted LongPath system with the commissioning of several dozen sites, leading to reductions in emissions. With the latest expansion, LongPath will provide real-time monitoring for nearly 60 Apache facilities across multiple areas of the Permian.
The Vice-President, Environment, Health and Safety at Apache, Jessica Jackson, said, “At Apache, we are committed to reducing emissions and were looking for a technology that provided real-time monitoring and volume quantifications. LongPath’s technology provides our teams with the data needed to achieve meaningful emissions reductions while meeting global energy needs in more innovative and sustainable ways.”
LongPath CEO Ian Dickinson said, “In Apache, we have partner who has focused on how to make continuous monitoring actionable and efficient. The Apache team’s emissions mitigation workflow represents a viable long-term solution for ingesting real-time emissions data and getting root cause analysis and solutions down to a science.”
Last week, KeyBanc analyst Leo Mariani maintained a Buy rating on APA with a price target of $41, implying 8.1% upside potential from current levels.
The rest of the Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 9 Buys and 5 Holds. The average APA price target of $41.57 implies 9.6% upside potential to current levels.
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on APA, as 4.5% of investors on TipRanks decreased their exposure to APA stock over the past 30 days.
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