HOUSTON, May 8, 2014 /PRNewswire/ -- Apache
Corporation (NYSE, Nasdaq: APA) today announced that its
Gulf of Mexico subsidiary will
sell non-operated interests in the Lucius and Heidelberg
development projects and 11 primary term deepwater exploration
blocks to a subsidiary of Freeport-McMoRan Copper & Gold Inc.
(NYSE: FCX) for $1.4 billion. The
effective date of the transaction is May 1,
2014. The sale is subject to customary closing conditions
and is expected to close by June 30,
2014.
"We have combined our deepwater and shelf technical teams to
focus on subsalt and other deeper exploration opportunities in
water depths less than 1,000 feet, which have been relatively
untested by industry," said Thomas E.
Voytovich, executive vice president and chief operating
officer for offshore and international operations. "Discoveries on
the shelf have quicker cycle times, require less capital, and
provide more options to bring oil and gas to market. Apache has
working interests in approximately 650 blocks in the Gulf of Mexico. In addition to the exploration
and development of properties in shallower water, Apache continues
to pursue joint venture and/or monetization opportunities for its
deepwater prospects."
The Lucius unit comprises Keathley Canyon blocks 874, 875, 918
and 919, and the company's working interest is 11.7 percent. The
Heidelberg unit includes Green Canyon blocks 859, 903, 904 and 948
and the company holds a 12.5 percent working interest. Apache's
working interest in the 11 primary term blocks ranges from 16.67 to
60 percent.
During the fourth-quarter 2013, Apache's Gulf of Mexico
Deepwater Region contributed 9,167 barrels of oil equivalent per
day to the company's total production. None of the company's
producing operations are involved in the sale announced today.
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, including statements about
our drilling plans and production expectations, asset sales and
monetizations and share repurchases. The transaction with
Freeport-McMoRan 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 2013 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.
Website: www.apachecorp.com
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SOURCE Apache Corporation