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Apache’s GoM Interests Caught, Bought By Freeport-McMoRan

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By Darren Barbee, Hart Energy
May 12, 2014

A day after Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced it was selling core Eagle Ford holdings to bulk up in the Gulf of Mexico (GoM), the company headed for the coast and did just that.

Freeport-McMoRan announced May 8 that its oil and gas subsidiary, Freeport-McMoRan Oil & Gas (FM O&G), will acquire Apache Corp.’s (NYSE: APA) nonoperated interests in the deepwater GoM for $1.4 billion.

The deal includes Apache’s interests in the Lucius and Heidelberg oil production development projects and 11 exploration leases.

FCX’s acquisition will be ...

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