Apache put volume heavy and directionally bearish

Bearish flow noted in Apache with 21,343 puts trading, or 8x expected. Most active are Jan-25 20 puts and Jan-25 25.5 calls, with total volume in those strikes near 20,700 contracts. The Put/Call Ratio is 4.60, while ATM IV is up nearly 2 points on the day. Earnings are expected on February 26th.