November 28, 2012 / 6:41 PM / 5 years ago

TEXT - S&P rates Apache Corp new notes 'A-'

2 Min Read

Nov 28 - Standard & Poor's Ratings Services today assigned its 'A-' rating
to Apache Corp.'s senior unsecured note offering. The oil and gas
exploration and production company intends to use proceeds from the offering to
repay outstanding commercial paper balances and general corporate purposes.

The ratings on Houston-based independent exploration and production (E&P) firm 
Apache Corp. reflect our assessment of the company's "strong" business risk 
and "modest" financial risk profiles. The ratings incorporate the company's 
large, geographically diversified reserve base, balanced exposure to natural 
gas and crude oil, and favorable multiyear reserve replacement and production 
trends. Standard & Poor's views these strengths as partly tempered by periodic 
acquisitions, a weak intermediate-term outlook for natural gas prices, and 
participation in a highly cyclical industry. 

RELATED CRITERIA AND RESEARCH
Key Credit Factors: Global Criteria For Rating The Oil And Gas Exploration And 
Production Industry, Jan. 20, 2012 

Temporary telephone contact numbers: Lawrence Wilkinson (212-991-8514); Carin 
Dehne-Kiley (917-496-8208)

RATINGS LIST
Apache Corp.
 Corporate credit rating              A-/Stable/A-2
New Rating
 Senior Unsecured Note                A-

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