Apache exits Australian E&P business

Apache Corporation has completed the previously disclosed 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, October 1, 2014, and closing.

Apache has now is fully exited its exploration and production business in Australia, but will retain its 49-percent ownership interest in fertilizer producer Yara Pilbara Holdings Pty Limited.

Earlier this year, on April 2, 2015, Apache announced the completion of sale of its Wheatstone LNG project and related oil and natural gas properties to Woodside Petroleum Limited for $2.8 billion.

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