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Bulletin: Apache Corp. Ratings Unaffected By Agreement To Acquire BP Assets For $7 Billion Jul 10
Standard & Poors, July 2010
Abstract
NEW YORK (Standard & Poor's) July 21, 2010--Standard & Poor's Ratings Services said today its ratings and outlook on exploration and production (E&P) company Apache Corp. (A-/Stable/A-2) remain unchanged following Apache's announcement of its agreement to acquire assets in the Permian Basin, Canada, and Egypt from BP PLC (A/Watch Neg/A-1) for $7 billion. The assets are complementary to Apache's existing E&P efforts and would increase Apache's existing reserves by 385 million barrels of oil equivalent (boe) and production by over 80,000 boe per day. The three transactions are subject to various regulatory approvals and are expected to close by the end of 2010. Under the terms of the agreement, Apache will advance $5 billion of the purchase consideration to BP...
Companies mentioned in this report are: Apache Corp.,BP PLC
Action: Bulletin
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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