Apache Corp. (NYSE: APA) completed the sale of its Gulf of Mexico Shelf operations and properties to Fieldwood Energy LLC for $3.75 billion in cash.
Additionally, Fieldwood will assume liabilities for future abandonment costs of the properties with a discounted value of $1.5 billion. The effective date is July 1.
Apache retained 50% of its ownership interest in all exploration blocks and in horizons below production in developed blocks, where high-potential deep hydrocarbon plays are being tested.
The acquisition establishes Fieldwood as the owner of the largest operated asset base ...