HOUSTON, April 8, 2015 /PRNewswire/ -- Apache
Corporation (NYSE, Nasdaq: APA) today announced an agreement to
sell its Australian subsidiary Apache Energy Limited to a
consortium of private equity funds managed by Macquarie Capital
Group Limited and Brookfield Asset Management Inc. (NYSE: BAM)
(TSX: BAM.A) (Euronext: BAMA) for cash payment of $2.1 billion. The transaction is expected to
close mid-year 2015 and is subject to necessary government and
regulatory approvals and customary post-closing adjustments. The
effective date of the sale is October 1,
2014.
Assets of Apache Energy Limited and its subsidiaries averaged
production of approximately 49,000 barrels of oil equivalent per
day in March. With the announcement of this sale, Apache is fully
exiting its exploration and production business in Australia, but will retain its 49-percent
ownership interest in fertilizer producer Yara Pilbara Holdings Pty
Limited. On April 2, 2015,
Apache announced the completion of sale of its Wheatstone LNG
project and related oil and natural gas properties to Woodside
Petroleum Limited for $2.8
billion.
"Today's announcement represents a notable step in Apache's
strategic portfolio repositioning. Over the last five years,
we have transitioned Apache's primary growth engine to North America onshore through the announcement
or completion of approximately $17
billion of asset purchases and $17
billion of asset sales. Following the sale of our
Australian assets, approximately 70% of Apache's production will
come from North America onshore.
Our robust North American position is complemented by our North Sea
and Egyptian regions, which have an extensive inventory of
prospects and assets that generate free cash flow," said
John J. Christmann, IV, chief
executive officer and president.
About Apache
Apache Corporation is an oil and gas exploration and production
company with operations in the United
States, Canada,
Egypt, the United Kingdom and Australia. Apache posts announcements,
operational updates, investor information and copies of all press
releases on its website, www.apachecorp.com, and on its Media and
Investor Center mobile application, which is available for free
download from the Apple App Store and the Google Play Store.
Forward-looking statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements can be identified by words such as "anticipates,"
"intends," "plans," "seeks," "believes," "estimates," "expects" and
similar references to future periods. These statements include, but
are not limited to, statements about future plans, expectations and
objectives for Apache's operations. The sale of Apache Energy
Limited is subject to customary closing conditions and may not be
completed for the amount expected, in the anticipated time frame,
or at all. While forward-looking statements are based on
assumptions and analyses made by us that we believe to be
reasonable under the circumstances, whether actual results and
developments will meet our expectations and predictions depend on a
number of risks and uncertainties which could cause our actual
results, performance, and financial condition to differ materially
from our expectations. See "Risk Factors" in our 2014 Form 10-K
filed with the Securities and Exchange Commission for a discussion
of risk factors that affect our business. Any forward-looking
statement made by us in this news release speaks only as of the
date on which it is made. Factors or events that could cause our
actual results to differ may emerge from time to time, and it is
not possible for us to predict all of them. We undertake no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future development or
otherwise, except as may be required by law.
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SOURCE Apache Corporation