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Anadarko approached Apache with offer that was rejected – source

NEW YORK – U.S. oil and gas exploration and production company Anadarko Petroleum Corp has approached Apache Corp with a potential acquisition as low crude oil prices prompt companies to seek merger partners, according to a person familiar with the matter. The prolonged slump in crude oil prices has stirred talk of consolidation among U.S. shale companies, however so far ...

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Apache shareholders approve proxy access proposal

HOUSTON – Apache Corp shareholders approved on Thursday a proposal to allow minority shareholders to nominate directors to the board of the company, a leading U.S. shale oil producer. Apache’s board had recommended investors back the measure, unlike boards at some other companies that have resisted a push being led by public pension funds to give shareholders a choice about ...

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Study: Deferring well completion to pay off

Crude storage in the U.S. is at a record high. During the week of March 27, 4.8 million barrels added topped off the current high of 471.4 million barrels, according to a recent report from energy data company Genscape, Inc. The oil and gas market’s state of contango, driven by low oil and service prices, has prompted a spate of ...

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Baker Hughes to cut 11 percent of workforce in 2015

A week after Halliburton announced the company is making job cuts, its pending partner Baker Hughes has followed suit. The Houston-based company announced in a statement that it will be cutting about 7,000 jobs globally as a result of falling oil prices, despite record profits in the fourth quarter 2014. The 7,000 jobs eliminated account for 11 percent of the ...

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Top 5 Permian Basin stories of the week

oil drums

5. Apache to sell stakes in two LNG projects to Woodside for $2.75 billion Apache announces that it will be selling two LNG projects fro $2.75 billion.  To read the full story, click here.   4. Oil’s price bottom uncertain With oil close to $50 per barrel, oil producers are getting worried.  To read the full story, click here.   ...

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Apache to sell stakes in two LNG projects to Woodside for $2.75 billion

Rigs contracted by Apache Corp drill for crude oil locked tight in shale in west Texas’ Permian Basin near the town of Mertzon, Texas October 29, 2013. REUTERS/Terry Wade

(Reuters) – Apache Corp <APA.N> said it would sell its stakes in two LNG projects, Wheatstone LNG in Australia and Kitimat LNG in Canada, to Australia’s Woodside Petroleum Ltd <WPL.AX> for $2.75 billion. Apache, under pressure from activist investor Jana Partners, said in July it planned to exit the two projects. The company is also evaluating a sale or spinoff ...

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