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Apache to Exit LNG Projects After Jana Pushes for Breakup

Apache Corp. is heeding advice from activist hedge fund Jana Partners LLC and exiting two costly natural gas projects as it considers selling some or all of its international assets.

The company will sell its stake in the Wheatstone liquefied natural gas project under construction in Australia and the proposed Kitimat LNG facility in Canada, Houston-based Apache said today in a statement. Apache, which got 42 percent of its revenue from the U.S. last year, is weighing a sale or separation of its international assets.