Apache to buy West Texas fields from Anadarko Petroleum
Apache Corporation Thursday announced its plans to buy a controlling interest in 28 oil and gas fields in the Permian Basin of West Texas from Anadarko Petroleum Corporation for $1 billion.
Apache said it would book net reserves of 70 million barrels of oil equivalent or 57 million barrels of oil and 78 billion cubic feet of natural gas. The fields are forecasted to produce 9,000 barrels of oil and 19 million cubic feet of gas per day for Apache in 2007. The companies expect to close the deal by March 31. Apache said it plans to fund the acquisition with debt and still expects its debt to be less than 30% of total capital after the completion of the deal.
