APACHE COMPLETES SALE OF WHEATSTONE LNG, PROVIDES UPDATED CLOSING DATE FOR PREVIOUSLY ANNOUNCED KITIMAT LNG SALE

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Apr 02, 2015, 08:00 ET

HOUSTON, April 2, 2015 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today announced that it has completed the previously disclosed sale of the Wheatstone LNG project and accompanying upstream oil and gas reserves to Woodside Petroleum Limited (ASX: WPL) for total proceeds of $2.817 billion. Proceeds include adjustments of $567 million for reimbursement of Apache's net expenditures in the Wheatstone LNG project, changes in working capital and net receipts from the Balnaves oil project between the effective date, July 1, 2014, and closing. Under the terms of the agreement, Apache has sold equity ownership in its Australian subsidiary, Apache Julimar Pty Ltd, which owns a 13-percent interest in the Wheatstone LNG project and a 65-percent interest in the WA-49-L block and includes the Julimar/Brunello offshore gas fields and the Balnaves oil development.

The company anticipates the previously announced sale of Apache's 50-percent interest in the Kitimat LNG project and related upstream acreage in the Horn River and Liard natural gas basins in British Columbia, Canada, to Woodside Petroleum Limited will close later this month. Final customary approvals by the project's downstream operator, Chevron Corporation, were received on March 31, 2015. Proceeds are expected to be approximately $854 million, which would include $354 million in adjustments for reimbursement of net expenditures on the project, changes in working capital and other contractual adjustments for the period between the effective date, July 1, 2014, and closing.

About Apache
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom and Australia. Apache posts announcements, operational updates, investor information and copies of all press releases on its website, www.apachecorp.com, and on its Media and Investor Center mobile application, which is available for free download from the Apple App Store and the Google Play Store.

Forward-looking statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. These statements include, but are not limited to, statements about the anticipated closing, closing date, and the expected amount of proceeds from the Kitimat LNG sale. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See "Risk Factors" in our 2014 Form 10-K filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.

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SOURCE Apache Corporation