Goldman Sachs & Co. acted as financial advisor and Bracewell & Giuliani LLP served as legal advisor to Apache on the transaction.
Apache's Shelf Portfolio
Apache's Shelf portfolio – the largest operated asset base in Gulf waters to 1,000 feet deep – comprises more than 500 blocks with 1.9 million net acres and year-end 2012 estimated proved reserves of 133 million barrels of oil and natural gas liquids and 636 billion cubic feet of natural gas. In the first quarter of 2013, the fields averaged net production of approximately 50,000 barrels of liquid hydrocarbons and 254 million cubic feet of natural gas per day.
"Employees in Apache's Gulf of Mexico Shelf Region are the most experienced, technically knowledgeable, and dedicated group in the industry. This team is committed to safe and environmentally responsible operations during the transition and in the new ownership structure," Farris said.Apache's ratio of incidents of noncompliance per inspected component – a key measure of offshore safety performance – has been at or better than industry average for the last five years. In 2012, Apache was one of the first Gulf of Mexico operators to voluntarily submit an audit of its Safety Environmental Management System (SEMS) to the Bureau of Safety and Environmental Enforcement. SEMS focuses on operating procedures, hazard analysis, mechanical integrity and training for all assets and personnel operating in the Gulf of Mexico.
About Apache Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom, Australia and Argentina. Apache posts announcements, operational updates, investor information and copies of all press releases on its website, www.apachecorp.com.