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Apache Corp To Sell Gulf Of Mexico Shelf Assets For $3.75 Billion


Thursday, 18 Jul 2013 04:15pm EDT 

Apache Corp announced that it has agreed to sell its Gulf of Mexico Shelf operations and properties to Fieldwood Energy LLC (Fieldwood), an affiliate of Riverstone Holdings, for cash proceeds of $3.75 billion. In addition, Fieldwood will assume all asset retirement obligations for these properties, which, as of June 30, 2013, Apache estimated at a discounted value of approximately $1.5 billion. Apache will retain 50 % 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. 

Company Quote

100.34
1.07 +1.08%
4:00pm EDT