Apache Surges on Takeover Report Disavowed by Occidental

Apache Corp. jumped as much as 5.6 percent after a website reported Occidental Petroleum Corp. planned to acquire the oil and gas explorer. Occidental said it didn’t know anything about the report.

Apache shares rose 3.8 percent to $57.23 at 10:06 a.m. in New York, after earlier reaching $58.21, the highest since July 1. The Houston-based company has advanced 28 percent this year. Occidental, the world’s largest independent crude producer, fell as much as 1.8 percent to $74.98.

The website oilandgaspeople.com reported on Wednesday that Apache was preparing to inform employees at a so-called town hall meeting the same day that it would be taken over by Occidental. Castlen Kennedy, an Apache spokeswoman, declined to comment on the acquisition topic.

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