Apache to divest assets worth $4 billion

Apache Corp. will sell properties worth $4 billion by the end of 2013 in what G. Steven Farris, chairman and chief executive officer, described as a program to “divest noncore assets while retaining those that drive long-term growth and generate cash from operations.”

Farris announced the plan in Apache’s report of first-quarter earnings, which totaled $698 million, down from $778 billion in the first quarter of 2012. The company’s global oil and gas production increased to an average 781,819 boe/d in the first quarter from 769,296 boe/d in the same quarter a year earlier.

Apache will use half the divestment proceeds to reduce debt and increase financial flexibility and the other half to buy shares of its common stock representing about 7.5% of the total outstanding.

Farris said the decision to sell property follows “a strategic portfolio review to identify assets that no longer fit our growth profile.”

Related Articles

Chevron 1Q profits plunge on lower oil production, prices

05/02/2014 Chevron Corp. reported earnings of $4.5 billion for this year’s first quarter compared with $6.2 billion for first-quarter 2013. Revenues in the fi...

MARKET WATCH: Crude oil, gas futures prices down

05/02/2014 The New York Mercantile Exchange June crude oil contract price fell 32¢ on May, closing at $99.42/bbl. The July contract lost 36¢ to settle at $98....

NTSB begins investigation of Virginia crude train derailment

05/02/2014 The National Transportation Safety Board took charge of the investigation into the Apr. 30 derailment of a train carrying crude oil in Lynchburg, V...

Sen. Hoeven submits updated Keystone XL approval bill

05/01/2014 US Sen. John Hoeven (R-ND) submitted a fresh bill that would bypass the White House and congressionally approve the proposed Keystone XL crude oil ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected