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Wednesday, September 3, 2014

Apache CEO says LNG assets may be included in spin out, (NYSE: APA)

Apache Corp's interest in two liquefied natural gas (LNG) projects in Canada and Australia may be included as part of a potential spin off of the U.S. oil and gas company's international assets, Chief Executive Officer Steve Farris said on Wednesday. Apache previously said it may spin off its international assets into a separate company to focus drilling more North American onshore shale wells in places like the Permian Basin in Texas.Apache's 13 percent stake in the Wheatstone project in Australia and its 50 percent stake in the Kitimat project in Canada may "absolutely" be included in the spin out of the company's international assets, Farris told the Barclays CEO Energy conference.That process is expected to take 9 months, the executive said.

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 fell by 1.64% or $-1.67/share to $100.16. In the past year, the shares have traded as low as $77.31 and as high as $104.57. On average, 2725480 shares of APA exchange hands on a given day and today's volume is recorded at 2359618.