Apache Corp. agreed to sell its Australian unit, Apache Energy
Ltd., for $2.1 billion in cash to a group of private-equity
investors, the latest step in the company's effort to refocus on
U.S. shale drilling.
The sale marks the Apache's exit from its Australian exploration
and production business. Brookfield Asset Management Inc. and
Macquarie Capital Group Ltd. are managing the group of buyers.
The Houston-based energy company, one of the biggest in the
U.S., expects to close the deal in the middle of this year.
"Today's announcement represents a notable step in Apache's
strategic portfolio repositioning," said Chief Executive John
Christmann.
Once the transaction is complete, about 70% of Apache's
production will come from North America onshore, he added.
The company has been under pressure in recent months from
activist investor Jana Partners LLC, which has been pressuring
management to sell or spin off its international operations and
focus on drilling in the U.S.
Late last year, Apache agreed to sell its stakes in two
liquefied natural gas projects in Canada and Australia to Woodside
Petroleum Ltd. for $2.75 billion.
Shares, which have slid about 23% over the past 12 months, were
up slightly after hours.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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