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Apache Corp.'s Ratings Affirmed After $1.3 Billion Acquisition; Outlook Stable Jan 03
Standard & Poors, Jan 2003
Abstract
NEW YORK (Standard & Poor's) Jan. 13, 2003-- Standard & Poor's Ratings Services today affirmed its ratings on large, independent oil and gas exploration and production company Apache Corp. The ratings affirmation follows Apache's announcement that it has entered into a definitive agreement to purchase UK and U.S. oil and gas properties from BP PLC for $1.3 billion, plus the assumption of $100 million associated plugging and abandonment liabilities. Apache has announced that it will fund at least $350 million of the purchase price through the issuance of new common equity, with the balance funded by internal cash flow and new debt. The ratings outlook remains stable. Houston, Texas-based Apache has $2.8 billion of debt and preferred stock obligations outstanding....
Companies mentioned in this report are: Apache Corp.,BP PLC
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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