This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Deal: Apache Sells Gulf of Mexico Assets to Fieldwood for $3.8B

Riverstone partner John Lancaster said the transaction is a unique opportunity to acquire a successful business of scale with a strong partner it knows well and the proven professionals who have built the business over many years.

Fieldwood obtained underwritten committed financing for the transaction from a bank group led by Citigroup Global Markets, including Chris Abbate, Jerry Schretter and Steve Trauber. Also participating were J.P. Morgan (JPM - Get Report), Deutsche Bank AG (DB), BofA Merrill Lynch (BAC) and Goldman Sachs Bank USA.

Fieldwood attracted a $600 million commitment from Riverstone in December with management kicking in another $25 million to focus on acquiring and developing conventional oil and gas assets in North America, including the Gulf of Mexico.

McCarroll leads the company along with other former senior executives of Dynamic Offshore Resources, which became one of the largest operators on the Gulf of Mexico shelf before being sold to SandRidge Energy Inc. (SD - Get Report) in 2012 for $1.3 billion. Riverstone backed McCarroll in Dynamic Offshore as well, earning a 3.6 times return on the sale.

Riverstone has raised $25 billion of equity capital across seven investment funds. Goldman Sachs & Co.'s (GS) Suhail Sikhtian, Shane Young and Ryan Synnott provided financial advice to Apache. Bracewell Giuliani LLP is counseling the company, including Alan Rafte, Kristen Campana, Bruce Jocz, Bryan Loocke, Elizabeth McGinley, Robin Miles, Michael De Voe Piazza, Stephen Boone, Laura Martone and Christopher Miller.

Vinson & Elkins LLP and Simpson Thacher & Bartlett LLP represented Riverstone. V&E's team included David Cohen, Marc Rose, Shay Kuperman, Ted Stockbridge, Sean Becker, Christopher Dawe, Larry Nettles, James Olson, David Peck, David D'Alessandro, Sandy Weiner, Mingda Zhao, Carson Sieving, Alan Alexander and Scott Fulford. Simpson's team consisted of Christopher Brown, Robert Rabalais and Hayley Nivelle.

Written by Claire Poole
3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
APA $46.79 0.00%
JPM $68.94 0.00%
SD $0.63 0.00%
SGY $7.33 0.00%
WTI $4.08 0.00%

Markets

Chart of I:DJI
DOW 17,751.39 +121.12 0.69%
S&P 500 2,108.57 +15.32 0.73%
NASDAQ 5,111.7330 +22.5270 0.44%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs