There is a correlation, but it's hard to say just how strong. It's hard to play that game.
Speculating on commodity prices when investing in O&G equities is very risky (see Aubrey McClendon). Strong fundamentals and good management is a good reason though, especially if the price is a little suppressed, like APA's is. (I don't know much about the company other than that)
Edit: Also have to take into account that in the short-term many upstream companies have a big chunk of their production hedged, limiting upside from increases in price.
This post was edited on 4/22 at 12:06 pm