Apache to sell Australian operations for $2.1 billion

Houston independent Apache Corp. reported signing an agreement to sell its Australian subsidiary Apache Energy Ltd. to a consortium of private equity funds managed by Macquarie Capital Group Ltd. and Brookfield Asset Management Inc. for cash payment of $2.1 billion.

Apache Energy’s assets and subsidiaries produced an average 49,000 boe/d in March. With the announcement of this sale, Apache is fully exiting its exploration and production business in Australia, but will retain its 49% ownership interest in fertilizer producer Yara Pilbara Holdings Pty. Ltd.

On Apr. 2, Apache announced the completion of sale of its Wheatstone LNG project and related oil and natural gas properties to Woodside Petroleum Ltd. for $2.8 billion (OGJ Online, Apr. 7, 2015).

Following the sale of its Australian assets about 70% of the company’s production will come from North America onshore, said John J. Christmann IV, chief executive officer and president.

The transaction is expected to close midyear and is subject to necessary government and regulatory approvals and customary post-closing adjustments.

The effective date of the sale is Oct. 1, 2014.

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