APA Corp Up 6% On Recovery Of Nearly $900m in Backlogged Costs By Investing.com – Investing.com

APA Corp Up 6% On Recovery Of Nearly $900m in Backlogged Costs By Investing.com – Investing.com

By Sam Boughedda

Investing.com — Houston-based oil and gas firm APA Corporation (NASDAQ:) shares have risen 6% on the back of news that APA-Sinopec — its joint venture with Chinese partner Sinopec — will recover nearly $900 million in backlogged costs under a new drilling contract with Egypt.

The North African nation has signed the previously announced agreement to modernize and consolidate APA's current production sharing contracts with Egypt's Ministry of Petroleum and Mineral Resources and the Egyptian General Petroleum Corporation.