NEW YORK (TheStreet) -- Shares of Apache Corp. (APA) rose 1.88% to $57.50 in pre-market trading Monday after Woodside Petroleum, Australia's second-largest oil and natural gas producer, agreed to purchase Apache's stake in the Wheatstone and Kitimat liquefied natural gas projects and associated reserves for $2.75 billion.
Apache will also receive approximately $1 billion to spend on the projects from June 30 until the closing, the Houston-based Apache said.
"I am confident that Woodside's participation will have a positive impact in seeing these world-class LNG facilities through to first production," said G. Steven Farris, chairman and CEO of Apache.
Must Read: Warren Buffett's 25 Favorite Stocks
The Wheatstone and Kitimat projects are two out of dozens under construction or consideration around the world that would help supply Asian markets in need of gas, according to Bloomberg. Both projects are done in partnership with Chevron (CVX) .
The $24 billion Wheatstone facility in Western Australia is approximately halfway completed and would have the capacity to ship 8.9 million metric tons per year. The Kitimat project is one of multiple proposed facilities that would send gas from British Columbia to Asia.
Separately, TheStreet Ratings team rates APACHE CORP as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: