HOUSTON, March 12, 2014 /PRNewswire/ -- Apache Corporation
(NYSE, Nasdaq: APA) today announced it has completed the previously
disclosed sale of its Argentina
operations and properties to YPF Sociedad Anonima for cash payment
of US $800 million plus the
assumption of $52 million of bank
debt as of June 30, 2013.
"This transaction essentially marks the end of a process that
Apache began last year to rebalance its portfolio to focus on
assets in North America that can
grow more predictably combined with international assets that
generate substantial free cash flow," said G. Steven Farris, chairman, chief executive and
president of Apache. "Going forward, Apache is committed to visible
and repeatable production growth, fiscal discipline with a rate of
return focus, and safe, efficient operations."
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 future plans, expectations,
and objectives for Apache's operations, including statements about
our drilling plans and 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 2013 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.
APA-G, APA-F, APA-R
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SOURCE Apache Corporation