By Houston Business Journal

Apache Corp. has increased the number of shares in its public offering to 23 million shares and has priced them at $88 per share.

The $2-billion share sale, combined with the sale of 22 million depository shares, is part of an effort by the Houston-based exploration and production company to raise about $3.1 billion.

Apache (NYSE: APA) upped the public offering from 21 million shares announced earlier this week in conjunction with the purchase of $7 billion worth of BP Plc (NYSE: BP) assets.

Underwriters can purchase up to 3.45 million additional shares of stock and up to 3.3 million additional depositary shares that may bring in up to another $469 million, according to the company.

Goldman, Sachs & Co., BofA Merrill Lynch, Citi and J.P. Morgan were joint book-running managers for the offerings.

Settlement of the stock and depositary share offerings is expected to occur on July 28.

Shares of Apache rose 3.9 percent in Friday trading to close at $92.79.

Copyright 2010 American City Business Journals
Copyright 2010