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.
Read the article online at: https://www.oilfieldtechnology.com/hydraulic-fracturing/22072019/apache-completes-exit-from-western-anadarko-basin/