MARKET TALK: Apache Seen As Paying Premium For BP's Permian Basin Assets

[Dow Jones] Apache acquisition of BP PLC's (BP) assets in the Permian Basin in Texas for $3.1 billion is a slight premium to other transactions done in the area this year, says Tudor Pickering Holt & Co. This means Apache sees the best opportunity in the Permian and does not want preferential rights exercised, the firm says. Apache's purchase of BP's Western Canadian gas assets for $3.25 billion was in line with similar transactions in the region. Apache's shares are trading 4 cents down to $88.24, while BP's U.S.-listed shares are 3.61% up to $36.47. Contact us in Houston at 713-547-2907 or isabel.ordonez@dowjones.com. (END) Dow Jones Newswires July 21, 2010 10:24 ET (14:24 GMT)