Sept. 30, 2013
/PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today 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
in cash (subject to customary post-closing adjustments) and assumption of liabilities for future abandonment costs of the properties with a discounted value of
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
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
would have comprised approximately 55 percent and 15 percent, respectively. In 2010, onshore
contributed 31 percent of Apache's overall production,
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
, North Grant Lands and South Grant Lands areas of western
, to Ember Resources Inc., a private Canadian company, for
. 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
, Apache has completed or announced more than
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.