Apache Corp. to Unload $1.05.B on Devon’s U.S. Gulf of Mexico Assets

Gulf of Mexico

Apache Corp. said Monday it plans to buy Devon Energy Corp.’ s shallow-water oil and gas assets on the U.S. Gulf of Mexico Shelf for $1.05 billion US to extend its reach in that area.

The deal with Apache would net Devon about $840 million after taxes, bringing the company to the high end of its expectations to raise $4.5 billion to $7.5 billion from all of its international andoffshore asset sales. Devon still has properties in China to sell. In March, British oil major

BP PLC agreed to pay $7 billion for Devon’s assets in Brazil, the deepwater Gulf of Mexico and a development in Azerbaijan.

Devon said in November it planned to sell its international and offshore properties so it could focus on North American natural gas and oilsands.

[mappress]

Source: CalgaryHerald,April 13,2010;