Apache Sells Shallow-Water Gulf Operations to Fieldwood for $3.75 Billion - WSJ.com

Apache is the second largest position in the Sax Angle Partners Fund

Apache to Sell Shallow Gulf Operations for $3.75 BillionSale to Fieldwood Energy Marks Change of Direction as Firm Seeks to Pare DANIEL GILBERT

Apache Corp. APA +1.57% said it would sell its shallow-water operations in the Gulf of Mexico to Fieldwood Energy LLC, a private-equity-backed firm, for $3.75 billion in cash.The deal marks a new direction for Apache, one of Americas biggest energy explorers with a stock-market value of $32 billion, which until now has produced more oil and gas in the shallows of the Gulf than any of its competitors. But it has begun to jettison assets to shore up its balance sheet after years of aggressive acquisitions. The sale nearly accomplishes a target Apache executives set in May, when they said the company would raise $4 billion this year from asset sales.

via Apache Sells Shallow-Water Gulf Operations to Fieldwood for $3.75 Billion – WSJ.com.