Chansoo Joung a two year board member of Apache stepped up and bought 10,000 shares at $86. on 9-3-13. That’s a striking buy not just for the size but for the timing. Apache announced a surprise deal with the Chinese government owned Sinopec on 8-29 causing the stock to rally 9% the following day. Undoubtedly Mr. Joung was aware of the deal and was restricted from buying prior to the announcement. This large purchase is significant because he bought after a strong run-up and considering Mr. Joung’s background, he might have been instrumental in bringing the Chinese on board giving his background.
According to Apache “Joung joined the Company’s Board of Directors in February 2011. Mr. Joung serves as a senior advisor at Warburg Pincus LLC, a firm at which he was a partner from 2005 to 2010. Prior to joining Warburg Pincus, Mr. Joung was co-head, then head, of the Americas Natural Resources Group in the investment banking division of Goldman Sachs from 1999 to 2004, and he served as a corporate finance banker in the Natural Resources Group from 1994 to 1999. While in the Natural Resources Group, he was promoted to managing director in 1996 and partner in 1998. Mr. Joung founded and led Goldman Sachs’ London-based European Energy Group in investment banking from 1992 to 1994. He began his career with Goldman Sachs in 1987 in the corporate finance department and also worked in the mergers and acquisitions department until 1990. Mr. Joung also served as a director of Targa Resources Corp. and Targa Resources Partners, LP from 2007 to February 2011.”
I expect more deals with the Chinese or perhaps other Asian buyers. Next up, the giant Kitmat LNG project they are now joint venturing with Chevron in British Colombia.