Apache Corporation Announces Creation of Holding Company Structure; Holding Company to be Named APA Corporation
January 04 2021 - 4:30PM
Apache Corporation (“Apache”) (Nasdaq: APA) today announced that
its Board of Directors authorized the company to create a holding
company structure. Upon its formation, APA Corporation, the new
holding company, will replace Apache Corporation as the public
company trading on the Nasdaq stock exchange. Existing shares of
Apache will be automatically converted, on a one-for-one basis,
into shares of common stock of APA Corporation, which will retain
the ticker symbol “APA”. The Board and the executive officers of
Apache will continue in their same roles at the new company.
APA Corporation will acquire the Suriname and Dominican Republic
subsidiaries from Apache Corporation. Apache Corporation will
become a direct subsidiary of APA Corporation and will continue to
hold existing assets in the U.S., subsidiaries in Egypt and the
U.K., and its current economic interests in Altus Midstream Company
(Nasdaq: ALTM) and Altus Midstream LP.
“These steps modernize our operating and legal structure, making
it more consistent with other companies that have subsidiaries
operating around the globe,” said John J. Christmann IV, Apache’s
chief executive officer and president. “A holding company offers
advantages in risk management, provides financial and
administrative flexibility, and more closely aligns our legal
structure with our growing international presence.”
The holding company restructure is expected to be completed
during the first half of 2021.
About Apache
Apache Corporation is an oil and gas exploration and production
company with operations in the United States, Egypt and the United
Kingdom and exploration activities offshore Suriname. Apache posts
announcements, operational updates, investor information and all
press releases on its website, www.apachecorp.com. Specific
information concerning Suriname, ESG performance and other
investor-related topics are posted
at investor.apachecorp.com.
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,” “continues,” “could,”
“estimates,” “expects,” “guidance,” “may,” “might,” “outlook,”
“possibly,” “potential,” “projects,” “prospects,” “should,” “will,”
“would,” and similar references to future periods, but the absence
of these words does not mean that a statement is not
forward-looking. These statements include, but are not limited to,
statements about future plans, expectations, and objectives for
Apache’s operations, including statements about our capital plans,
drilling plans, production expectations, asset sales, and
monetizations. 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 2019 Form 10-K,
and in our quarterly reports on Form 10-Q, filed with the
Securities and Exchange Commission for a discussion of risk factors
that affect our business. Any forward-looking statement made by
Apache 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. Apache undertakes 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.
Contacts
Investor: |
(281)
302-2286 |
Gary
Clark |
Media: |
(713) 296-7276 |
Phil West |
Website: |
www.apachecorp.com |
|
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