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Bulletin: Apache Corp. Ratings Unaffected By Agreement To Acquire Cordillera Energy Partners III LLC Jan 12
Standard & Poors, Jan 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 23, 2012--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 Cordillera Energy Partners III LLC (Cordillera) for $2.85 billion. Cordillera is a private company that has interests in the Granite Wash, Tonkawa, Cleveland, and Marmaton plays in Oklahoma and Texas. In conjunction with the transaction, Apache will gain an estimated 71.5 million barrel of oil equivalents (boe) of proved reserves and current net production of approximately 18,000 boe per day. The transaction is expected to close in the second quarter of 2012. Under the terms of the agreement, $600 million of transaction consideration...
Companies mentioned in this report are: Apache Corp.
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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