Apache Sells $1.5B in Notes

Apache Corporation on Tuesday said that it has priced $1.5 billion of 10- and 30-year notes. Proceeds will be used to reduce existing commercial paper balances and increase committed borrowing capacity in anticipation of funding Apache's recently announced Anadarko Permian Basin acquisition.

Apache sold $500 million of 5.625 percent coupon notes priced to yield 5.638 percent maturing on Jan. 15, 2017. Apache also sold $1 billion of 6 percent coupon notes priced to yield 6.051 percent maturing on Jan. 15, 2037.

Interest on each series of notes is payable July 15, 2007, and semiannually thereafter. The offering is expected to close Jan. 26, 2007.

Banc of America Securities LLC and J.P. Morgan Securities Inc. are the joint book-running managers for the offering.

Apache Corporation discovers and produces oil and gas in the United States, Canada, the United Kingdom sector of the North Sea, Egypt, Australia and Argentina.


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