Posted on 07/20/2010 1:53:50 PM PDT by bruinbirdman
Apache Corporation (APA) has reportedly agreed to purchase $7 billion worth of assets from BP (BP). The assets include all of BP's oil and gas facilities and land in the Permian Basin of West Texas and New Mexico and the Western Desert region in Egypt. Apache will gain control of much of BP's gas business in western Canada as well.
In all, Apache will acquire oil reserves of at least 385 million barrels.
"This is a rare opportunity to acquire legacy positions from a major oil company, with oil and gas production, acreage, infrastructure, seismic data, field studies, exploration prospects and other essential aspects of our business," said G. Steven Farris, Apache's chairman and chief executive officer, in a statement. "We seldom have an opportunity like this in one of our core areas let alone three. This is a step change that will add muscle, enabling Apache to add value for decades to come through our demonstrated exploitation capabilities and exploration drilling."
The effective date of the deal is July 1, 2010, with an expected closing date of July 30.
BP shares are up modestly in after-hours trading, while Apache shares are down.
1. Sell profitable assets.
2. Declare bankruptcy
3. Leave our hero 0 with the rest.
There will be ‘FOR SALE’ signs hanging off the oil wells down here on and in the gulf coast, thank to one each ‘comrade’..
Well, well, would ya look at this!
They’re getting out of town.They’ll be shutting down their
stations in the U.S. and more people will be out of work.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.