Apache To Sell Gulf Of Mexico Shelf Business For $3.75 Bln - Quick Facts

(RTTNews) - Apache Corp. (APA) Thursday announced agreement to sell its Gulf of Mexico Shelf operations and properties to Fieldwood Energy LLC, an affiliate of Riverstone Holdings, for cash proceeds of $3.75 billion.

Comprising more than 500 blocks and 1.9 million net acres, the properties to be acquired represent the largest operated asset base on the Gulf of Mexico Shelf. Apache will retain 50 percent of its ownership interest in all exploration blocks in developed blocks, where high-potential deep hydrocarbon plays are being tested.

Additionally, Fieldwood and Apache will jointly participate in deep exploration opportunities on the acquired assets targeting a robust inventory of high potential prospects including subsalt horizons around known producing fields.

"This team will help lead our efforts toward continued successful development of this substantial asset base, as well as pursuing an active exploration program on the valuable inventory of identified high-impact prospects, " said Matt McCarroll, President and CEO of Fieldwood.