Apache Corp. announced a fourth quarter 2014 net loss of US$4.8 billion, or US$12.78 per diluted common share.
However, the company expects approximately US$3.7 billion in cash upon closing from the previously announced sale of the Kitimat and Wheatstone LNG facilities.
In December, Apache entered into an agreement to sell its interests in these two LNG projects, along with certain other upstream assets in Australia. The company anticipates closing the transaction during the first quarter of 2015.
Commenting on the results, Apache’s CEO, John J. Christmann IV, said: “2014 was a year of transition marked by the completion of many of our key strategic portfolio repositioning initiatives. We completed or announced the sale of approximately US$7 billion of assets worldwide and enhanced our North American portfolio through the purchase of approximately US$1.2 billion of strategic acreage.
“2015 will be a year of tangible operational results that demonstrate the progress Apache has made with the application of leading-edge geoscience and process improvements across our nine primary plays in North America. This will put us in an excellent position to efficiently ramp-up the capital program and take advantage of market opportunities as commodity prices recover.”
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/13022015/apache-to-complete-lng-sales-in-1q15-245/