Apache sells certain non-core assets

Apache Corp.

Apache Corp. has agreed to sell non-core southern Louisiana and certain Anadarko Basin oil and gas assets for $1.4 billion in two separate transactions.

In southern Louisiana, Apache agreed to sell its working interest in 90,000 net acres. These mature fields, which are characterized by high decline rates and short reserve lives, produced 21,000 BOE per day (62% gas and NGLs) net to Apache during the third quarter of 2014. Apache will retain its 275,000 mineral acres in South Louisiana.

In a separate transaction in the Anadarko Basin, Apache agreed to sell 115,000 net acres in a portion of its Stiles Ranch field in Wheeler County, Texas, and in its Mocane-Laverne and Verden fields in western Oklahoma. Net production from these properties averaged 26,000 BOE per day (83% gas and NGLs) during the third quarter of 2014.

Both transactions have an effective date of Oct. 1, and are expected to close during the fourth quarter of 2014.

RBC Richardson Barr acted as the financial advisor on the southern Louisiana transaction, and Wells Fargo Securities LLC acted as the financial advisor on the Anadarko Basin transaction.

 

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