Apache to Exit Canada
Apache Corporation has confirmed it will complete an exit from Canada upon the closing of three recent transactions.
Apache has agreed to sell its Apache Canada Ltd. subsidiary to Paramount Resources Ltd, its Provost assets in Alberta to an undisclosed privately owned company, and its assets at Midale and House Mountain, located in Saskatchewan and Alberta, to Calgary-based Cardinal Energy Ltd.
"Today's announcement is consistent with Apache's objective of streamlining our portfolio and focusing on assets in the United States, United Kingdom North Sea and Egypt,” John J. Christmann IV, Apache's chief executive officer and president, said in a company statement yesterday.
“This strategic decision will enhance the company's resource allocation to its primary growth areas, particularly within the Permian Basin," he added.
Christmann extended his gratitude to all employees associated with its Canadian operations.
“Your efforts and hard work over the years helped grow our Canadian business into one of the largest in the region. We are grateful for your commitment to excellence and responsible development,” he said in a company statement.
"With our decision to exit Canada, Apache's resulting global portfolio is more streamlined and our resources more focused. Our strong positions and enhanced focus in our core areas will drive improvements to overall returns on capital invested going forward," he added.
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