U.S. oil and gas company Apache Corp (APA.N) said it planned to acquire the North Sea Beryl field and other assets from Exxon Mobil Corp (XOM.N) for about $1.75 billion to expand its presence in the region. Houston-based Apache has spent heavily in the last two years, buying oil and gas fields from BP Plc (BP.L) in Egypt and Canada. The company also acquired Mariner Energy in 2010 in a deal that added deepwater Gulf of Mexico assets. This latest deal for Exxon Mobil affiliate Mobil North Sea LLC, which is the major operator in the Beryl Area in Britain, will boost Apache's North Sea production 54 percent and proved reserves by 44 percent, the company said on Wednesday. "This most recent purchase, which will be funded with cash on hand, is right up Apache's alley -- legacy, oily producing properties that have likely been underfunded in recent years and will allow the company to increase production and reserves while lowering costs," analysts at Raymond James said in a note to clients.
Apache Corporation (Apache) is an independent energy company, which explores for, develops and produces natural gas, crude oil and natural gas liquids. Shares of APA traded higher by 0.23% or $0.22/share to $94.74. In the past year, the shares have traded as low as $91.97 and as high as $134.13. On average, 3089740 shares of APA exchange hands on a given day and today's volume is recorded at 1908553.
Exxon Mobil Corporation (Exxon Mobil) is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. Shares of XOM fell by 0.78% or $-0.58/share to $73.43. In the past year, the shares have traded as low as $60.90 and as high as $88.23. On average, 25711700 shares of XOM exchange hands on a given day and today's volume is recorded at 8418827.
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