Apache Completes Sale of its Australian Subsidiary

Apache Corporation on Friday announced it has completed the sale of its Australian subsidiary Apache Energy Limited to a consortium of private equity funds managed by Macquarie Corporate Holdings Limited and Brookfield Asset Management Inc.

Total proceeds of $1.9 billion are net of $225 million in customary, post-closing adjustments for the period between the effective date, October 1, 2014, and closing.

In April, Apache Corp had agreed to sell its Australian subsidiary Apache Energy. With the announcement of this sale, Apache is fully exiting its exploration and production business in Australia, but will retain its 49-percent ownership interest in fertilizer producer Yara Pilbara Holdings.  On April 2, 2015, Apache announced the completion of sale of its Wheatstone LNG project and related oil and natural gas properties to Woodside Petroleum for $2.8 billion.