Other interest-owning producers with preferential rights have whittled away about $379 million worth of Gulf of Mexico assets that Apache Corp. agreed to buy from BP in a $1.3 billion deal in April, Apache said in a filing with the Securities and Exchange Commission (SEC) Monday (see Daily GPI, April 20). As a result, the company said it currently is assured of acquiring only about $805 million of the BP assets, or 62% of the transaction’s original value and 75% of the transaction’s original reserves.
Whittled
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El Paso CEO Says E&P Turnaround Nearly Complete
El Paso Corp. CEO Doug Foshee said Tuesday the company is close to completing a massive restructuring program that has whittled away 18 operating divisions, cut its work force by more than 9,000, reduced debt by nearly $5 billion and sold $5.7 billion in assets over the last couple years. He said El Paso’s two remaining divisions, pipelines and exploration and production (E&P), are well positioned for growth, given strong gas demand, high commodity prices and some internal strategic changes.
September 21, 2005
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