Apache Completes Sale of Australian Subsidiary to Macquarie, Brookfield

Apache Corporation announced Friday the completion of the sale of its Australian subsidiary Apache Energy Limited to a consortium of private equity funds managed by Macquarie Corporate Holdings Limited and Brookfield Asset Management Inc.

"Total proceeds of $1.9 billion are net of $225 million in customary, post-closing adjustments for the period between the effective date, Oct. 1, 2014, and closing," the company said in a press release.

Apache Energy has an average production of about 49,000 barrels oil equivalent per day (boepd) in March, compared to Apache's total output of 673,000 boepd in the fourth quarter ended Dec. 31, 2014.

Depite the sale of Apache Energy, the firm will still have a presence in Australia through its 49 percent ownership interest in fertilizer producer Yara Pilbara Holdings Pty Ltd.

In December, Apache sold its stake in two liquefied natural gas (LNG) projects, Wheatstone LNG in Australia and Kitimat LNG in Canada, to Australia's Woodside Petroleum Ltd. for $2.75 billion.


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