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Sign in / Join Now(Image Courtesy: Houston Chronicle)Investment Thesis Apache Corporation (NYSE:APA) is an American petroleum and natural gas exploration and production company headquartered in Houston, Texas.The stock responded well to the results release and initially reached $46 briefly on November 6. However, after a promising uptrend, it plummeted quickly to about $41 again.Is it time to see this sudden weakness as an opportunity to accumulate for the long term I would say "yes." Let's look at the company's financial situation in detail to see why the bulls may have a point here.Quick presentation Apache released solid third quarter results and decent oil gas production earlier this month, in contrast with its second quarter results which saw the stock dropping 8 percent the day the results were released, trading near its 10 year lows.The company's overall strategy has been revised fundamentally after the Alpine High Natgas discovery, which led management to allocate more than two thirds of its capital expenditures to develop the West Texas play.The Houston based company revealed the Delaware Basin discovery, which is the same geologic age as the Arkoma Woodford and Scoop/Stack, in September 2016. Since then, Apache's 307,000 net acre Alpine High position has grown to 366,000.

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