Top Story | Deals - Acquisition, Mergers, Divestitures
Apache to Sell GOM Assets to Freeport-McMoRan
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Freeport-McMoRan has entered into an agreement to acquire Apache's Lucius and Heidelberg projects, located in the Gulf of Mexico.
Additionally, the deal includes 11 primary term deepwater exploration blocks.
James R. Moffett, Chairman of the Board; Richard C. Adkerson, Vice Chairman, and FCX President and Chief Executive Officer; and James C. Flores, Vice Chairman, and FM O&G President and Chief Executive Officer, said, "Our recently announced agreement to sell our Eagle Ford assets provides proceeds to repay debt and to acquire high-quality assets in our Deepwater GOM focus area. These transactions are value-accretive and the additional interests will enhance our portfolio of assets which are characterized by strong margins, attractive growth potential and compelling investment returns. We remain focused on opportunities to advance our debt reduction objectives while strengthening our portfolio of assets with strong margins and impactful long-term growth opportunities."
This comes right after Freeport-McMoRan announced that it will be letting go of its Eagle Ford shale assets in a deal with Encana Corp.
More on this deal, including price, can be found in Shale Experts' A&D Database.