Apache to Sell $1.4B in Non-Core US Assets
http://www.rigzone.com/news/oil_gas/a/136014/Apache_to_Sell_14B_in_NonCore_US_Assets
Apache Corp. will sell non-core oil and gas assets in southern Louisiana and the Anadarko Basin in two transactions valued at approximately $1.4 billion as the company focuses on growing its North American onshore liquids production.
The Houston-based company will sell its working interest in approximately 90,000 net acres of mature fields in southern Louisiana. Production from these fields, which have high decline rates and short reserve lives, produced around 21,000 barrels of oil equivalent per day – of which 62 percent was natural gas and natural gas liquids (NGL) – net to Apache during this year’s third quarter. Apache will retain its 275,000 mineral acres in southern Louisiana.
In the Anadarko Basin, Apache will sell approximately 115,000 net acres in part of its Stiles Ranch field in Wheeler County, Texas, and in its Mocane-Laverne and Verden fields in western Oklahoma. Net production from these properties averaged 26,000 boepd in the third quarter of 2014; 83 percent of this production was gas and NGLs. -
Thackney ? How much will it help finanacially the smaller, weaker, companies that are hurting more from the lower oil prices with the these other larger or more finanacialy stable companies with these fire sale assets that they can buy at a discount ?
These assets can be bought at a steap discount and ahead broken down worthless equipment, assets and upgrade.
Fire sale leases ?