HOUSTON, April 2, 2015 /PRNewswire/ -- Apache Corporation
(NYSE, Nasdaq: APA) today announced that it has completed the
previously disclosed sale of the Wheatstone LNG project and
accompanying upstream oil and gas reserves to Woodside Petroleum
Limited (ASX: WPL) for total proceeds of $2.817 billion. Proceeds include adjustments
of $567 million for reimbursement of Apache's net
expenditures in the Wheatstone LNG project, changes in working
capital and net receipts from the Balnaves oil project between the
effective date, July 1, 2014, and
closing. Under the terms of the agreement, Apache has sold equity
ownership in its Australian subsidiary, Apache Julimar Pty Ltd,
which owns a 13-percent interest in the Wheatstone LNG project and
a 65-percent interest in the WA-49-L block and includes the
Julimar/Brunello offshore gas fields and the Balnaves oil
development.
The company anticipates the previously announced sale of
Apache's 50-percent interest in the Kitimat LNG project and related
upstream acreage in the Horn River and Liard natural gas basins in
British Columbia, Canada, to
Woodside Petroleum Limited will close later this month. Final
customary approvals by the project's downstream operator, Chevron
Corporation, were received on March 31,
2015. Proceeds are expected to be approximately $854 million, which would include $354 million in adjustments for reimbursement of
net expenditures on the project, changes in working capital and
other contractual adjustments for the period between the effective
date, July 1, 2014, and closing.
About Apache
Apache Corporation is an oil and gas
exploration and production company with operations in the United States, Canada, Egypt, the United
Kingdom and Australia.
Apache posts announcements, operational updates, investor
information and copies of all press releases on its website,
www.apachecorp.com, and on its Media and Investor Center mobile
application, which is available for free download from the Apple
App Store and the Google Play Store.
Forward-looking statements
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 the anticipated closing, closing date, and the
expected amount of proceeds from the Kitimat LNG sale. 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 2014 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.
Website: www.apachecorp.com
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SOURCE Apache Corporation