Egypt in the filings…

February 18, 2011

Every day for the past 3-1/2 weeks, the events — and images — coming out of Egypt have been captivating the world’s attention. But it’s only been more recently that the situation has begun to filter into SEC filings. In its earnings release yesterday, Apache Corp. (APA) actually took the unusual step of wishing the people of Egypt well as it talked about the current situation:

“In early 2011 political changes swept through Egypt, with many issues remaining unresolved. Apache’s Egyptian operations are located in remote areas of the country, and these events did not disrupt the company’s oil and gas production. Apache believes that Egypt will continue to foster an environment that values foreign investment and the development of its ample resource base, and wishes the best for the people of Egypt during this time of transition.”

Apache is hardly the only company to mention the situation in Egypt in its filings. Tidewater (TDW) Chairman and CEO Dean Taylor mentioned the situation during the beginning of his comments during the earnings conference call last week, saying

“Speaking of safety, we are continuing to monitor the situation in Egypt with specific emphasis on the well-being of our fleet- and shore-based personnel in the region. We’re taking what we believe to be the necessary precautions to safeguard our people and equipment in the area. We currently have less than 10 vessels in Egypt, some of which are stacked, and, thus far, their operations continue under their charter arrangements.”

Atwood Oceanics (ATW) was the first company we found that mentioned events in Egypt. On Feb. 1, the drilling contractor issued this press release. But whatever concerns there were don’t seem to have had any impact on Atwood’s price: the stock is up nearly 20% since the events began on Jan. 25.

Image source: Egyptartsite.com

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Do you know what’s hiding in the filings? With President’s Day on Monday, we’re expecting a bumper crop of juicy disclosures later today. We’ll be saving our most actionable material for subscribers to FootnotedPro.

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