Apache Completes Egypt Partnership With Sinopec
HOUSTON, Nov. 14, 2013
HOUSTON, Nov. 14, 2013 /PRNewswire/ --Apache Corporation (NYSE, Nasdaq: APA)
today announcedcompletion of its previouslydisclosed sale of
aone-thirdminority participation in its Egypt oil and gas business to
Sinopec International Petroleum Exploration and Production Corporation. After
customary closing adjustments, Apache received $2.95 billion in cash.
Apache will continue to operate the Egypt upstream oil and gas business.
"We welcome Sinopec as our new partner in Egypt; together, we will continue
todeliver the tremendous hydrocarbon resources in the Western Desert at
attractive rates of return," said G. Steven Farris, Apache's chairman and
chief executive officer. "We also look forward to working together in other
parts of the world.
"With this transaction, Apache has completed $7 billion in asset sales in the
process of rebalancing our portfolio toward assets with predictable growth
rates and attractive rates of return," Farris said.
Pro forma for the partnership with Sinopec, the previously completed sale of
Gulf of Mexico shelf assets and previously disclosed asset sales in Canada,
Apache's third-quarter 2013 production from North American onshore assets
would have comprised approximately 56 percent of total production, up from 32
percent in 2009. Also on a pro forma basis, Egypt's contribution would have
declined from 26 percent to 16 percent during the same interval.
Apache Corporation is an oil and gas exploration and production company with
operations in the United States, Canada, Egypt, the United Kingdom, Australia
and Argentina. Apache posts announcements, operational updates, investor
information and copies of all press releases on its website,
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 and asset sales. 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 2012 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.
SOURCE Apache Corporation
Contact: Media: Patrick Cassidy, +1-713-296-6100, or Bill Mintz,
+1-713-296-7276, or Investors: Brady Parish, or Castlen Kennedy, or
Christopher Cortez, or Alicia Reis, +1-281-302-2286, www.apachecorp.com
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