Apache Selling Gulf Assets To Fieldwood Energy (APA)
Apache Corporation (APA) has struck a deal with Fieldwood Energy LLC, selling it’s operations and properties in the Gulf of Mexico for $3.75 billion. As a part of Apache’s previously announced plan to divest $4 billion in assets by the end of 2013, the company is choosing to focus more on recently acquired properties and enhance financial flexibility. The Gulf Shelf is the largest operated asset base in the Gulf of Mexico and in 2012 was estimated to have 133 million barrels of oil and natural gas liquids, along with 636 billion cubic feet of natural gas.
This will be the first project of this size for Fieldwood Energy, an affiliate of Riverstone Holdings.
Apache shares were up $1.29, or 1.57% at the end of Thursday. The stock is up 2% YTD after a Spring slump.
The Bottom Line
Shares of Apache Corporation (APA) have a 0.96% yield, based on Thursday’s closing price of $83.60.
Apache Corporation (APA) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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