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  • Apache Completes Sale Of Gulf of Mexico Shelf Assets To Fieldwood Energy
    édité le 02/10/2013 - Plus de news de "APACHE" - Voir la fiche entreprise de "APACHE"


Apache Completes Sale Of Gulf of Mexico Shelf Assets To Fieldwood Energy
Apache Corporation announced it has completed the previously announced sale of its Gulf of Mexico Shelf operations and properties to Fieldwood Energy LLC, a portfolio company of Riverstone Holdings, for $3.75 billion in cash (subject to customary post-closing adjustments) and assumption of liabilities for future abandonment costs of the properties with a discounted value of $1.5 billion.

Apache retained 50 percent of its ownership interest in all exploration blocks and in horizons below production in developed blocks, where high-potential deep hydrocarbon plays are being tested.

Portfolio rebalancing progress

"Completing this transaction is a significant step toward our goal of rebalancing Apache's portfolio to focus on assets that can generate strong returns and drive more predictable production growth, including our deep inventory of onshore liquids assets in North America," said G. Steven Farris, chairman and chief executive officer.

On a pro forma basis accounting for the Fieldwood transaction and the previously announced partnership with Sinopec International Exploration and Production Corp. in Egypt, Apache's second-quarter 2013 production from North American onshore assets and from Egypt would have comprised approximately 55 percent and 15 percent, respectively. In 2010, onshore North America contributed 31 percent of Apache's overall production, Egypt represented 25 percent and the Gulf of Mexico Shelf represented 17 percent.

Apache also announced that it has completed the previously announced sale of oil and gas producing properties in the Nevis, North Grant Lands and South Grant Lands areas of western Alberta, Canada, to Ember Resources Inc., a private Canadian company, for $214 million. Proceeds from the Ember transaction are subject to customary post-closing adjustments.

Including the Fieldwood and Ember transactions, the partnership with Sinopec and two additional agreements to sell oil and gas producing properties in western Canada, Apache has completed or announced more than $7 billion in asset sales year-to-date.

"In addition to enhancing our production and return profile, these transactions enable Apache to retain our an optimal capital structure for growth by reducing debt, enhance shareholder value through a 30-million-share repurchase authorization, and fund future capital expenditures including high-impact international projects," Farris said.

About Apache
Apache Corporation (NYSE, Nasdaq: APA) is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom, Australia and Argentina.

About Fieldwood Energy LLC
Fieldwood is a Houston‐based portfolio company of Riverstone Holdings LLC. Fieldwood is focused on the acquisition and development of conventional oil and gas assets in North America, including the Gulf of Mexico. Fieldwood is led by CEO Matt McCarroll and other former senior executives of Dynamic Offshore Resources and Apache Corporation. This venture represents the second partnership between Riverstone and the Fieldwood management team, who previously partnered successfully to build Dynamic Offshore Resources into one of the largest operators on the Gulf of Mexico Shelf.

About Riverstone Holdings LLC
Riverstone is an energy and power‐focused private investment firm founded in 2000 with approximately $26 billion of equity capital raised across seven investment funds. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $24 billion to 103 investments in North America, Latin America, Europe, Africa and Asia.


Origine : Communiqué APACHE

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