Apache to buy Gulf of Mexico properties from Shell

07/14/2003
Apache Corp. reported a $500 million deal in which it bought $200 million of oil and natural gas properties on the Gulf of Mexico Outer Continental Shelf from Shell Exploration & Production Co.Already known for its aggressive growth, the Houston-based independent acquired 26 mature, shallow-water properties in the gulf covering 50 blocks as well as interest in two gas-condensate separation plants.The deal also included a financing structure to ensure that Apache makes money, analysts said. Morgan Stanley will pay $300 million in return for volumetric production payments from the properties for 4 years.In other upstream company news:Tulsa-based Unit Corp. signed a letter of intent to acqui...
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