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

WoodMac: US tight-oil market ‘too robust to bust’

03/25/2014 A drop in global oil price levels or a significant widening of the differential between global oil prices and inland realizations are just two of t...

Gorder named Valero chief executive officer


Joe Gorder, Valero Energy Corp. president and chief operating officer, has been named chief executive officer, succeeding Bill Klesse.

Double Eagle changes name, appoints chief executive officer

03/25/2014 Double Eagle Petroleum Co., Denver, has appointed Charles F. Chambers to the position of chairman and chief executive officer, effective Apr. 1. As...

MOL closes purchase of North Sea assets from Wintershall

03/25/2014 MOL Group, Budapest, has completed its transaction with Wintershall, Kassell, Germany, in which MOL acquires offshore assets with 14 licenses in th...

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