Apache to Buy Cordillera Energy Partners for $2.85 Billion

Apache Corp. agreed to buy closely held Cordillera Energy Partners III LLC for $2.85 billion in cash and stock, adding to Oklahoma and Texas operations that use hydraulic fracturing to get oil and natural gas.

The acquisition will more than double Apache’s holdings in the Anadarko basin and add estimated proved reserves of 71.5 million barrels of oil equivalent, the Houston-based company said in a statement today. The purchase will be paid for with $2.25 billion in cash and $600 million of stock and includes 18,000 barrels a day of existing production.