Apache to buy $7 bil­lion worth of fields from cash-seek­ing BP

Austin American-Statesman - - BUSINESS & PERSONAL FINANCE -

Apache Corp. said it agreed to buy a hand­ful of BP’s oil and nat­u­ral gas fields through­out North Amer­ica and Egypt for $7 bil­lion, though the oil gi­ant’s Prudhoe Bay op­er­a­tions in Alaska were not part of the deal.

Known for pur­chas­ing ma­ture oil and gas prop­er­ties and wring­ing more value out of them, Apache will scoop up BP prop­er­ties in Al­berta and Bri­tish Columbia, as well as the Per­mian Basin of West Texas and New Mex­ico. All told, the Hous­ton oil and gas com­pany will add es­ti­mated proven re­serves of 385 mil­lion bar­rels of oil equiv­a­lent to its port­fo­lio.

BP will get $7 bil­lion in cash — a big chunk of its goal of rais­ing at least $10 bil­lion this year for its cleanup ef­fort in the Gulf of Mex­ico. The U.K. oil gi­ant laid out plans last month for a $20 bil­lion vic­tim fund af­ter one of the worst spills in U.S. his­tory.

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