Mariner Energy Bought by Apache: Stocks Respond

Apache Corp. (NYSE: APA) announced today its plans to purchase Mariner Energy Inc. (NYSE: ME) for $2.7 billion.

The decision to buy Mariner is a smart move on the part of Apache as it strives to expand, specifically in the Gulf of Mexico.

Furthermore, as oil prices have increased to $85 a barrel, the oil business is becoming of interest to many.

As a result of this deal and the one Apache made with Devon Energy Corp. (NYSE: DVN), Apache will increase production capacity by 13%, sending out up to 633.7 million barrels a day.

Apache shares are currently down 1.07%, while Mariner shares are up 41.93%.