Apache Corp. (APA) Tops Q1 EPS by 28c

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Freeport-McMoRan (FCX) to Acquire Deepwater GOM Assets from Apache (APA) in $1.4B Deal

May 8, 2014 8:03 AM EDT

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced that its oil and gas subsidiary, Freeport-McMoRan Oil & Gas (FM O&G), has entered into a definitive purchase and sale agreement to acquire certain of Apache Corporations (Apache) (NYSE: APA) interests in the Deepwater Gulf of Mexico (GOM), including Apaches interests in the Lucius and Heidelberg oil production development projects and 11 exploration leases, for $1.4 billion.

The Deepwater GOM acquisition will be funded with proceeds from the previously reported sale of FM O&Gs Eagle Ford Shale assets for $3.1 billion. The estimated... More