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Apache completes exit from Western Anadarko Basin

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Oilfield Technology,

Apache Corp. has announced the completion of asset sales in the US midcontinent and provided supplemental information regarding certain 2Q19 financial and operational results.

In May and July, Apache closed the sale of noncore assets in two separate transactions, comprising US$612 million of net proceeds, subject to customary closing adjustments. A portion of the proceeds from these asset sales was used to retire US$150 million of bonds that matured in early July.

The asset sales reflect the company’s exit from the Western Anadarko Basin and the previously announced exit from the SCOOP/STACK play. Production from the divested assets averaged 33 000 bpd in 1Q19, approximately 90% of which consisted of natural gas and NGLs. Apache anticipates that it will report production of approximately 32 000 bpd from the Midcontinent-Gulf Coast region for 2Q19.

Management will update its 2019 production guidance, including the impact of these asset sales, when it reports second-quarter results on 31 July 2019.

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