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Monday, December 15, 2014

Apache to sell stakes in 2 LNG projects to Woodside for $2.75 bln, (NYSE: APA)

Apache Corp said it would sell its stakes in two LNG projects, Wheatstone LNG in Australia and Kitimat LNG in Canada, to Australia's Woodside Petroleum Ltd for $2.75 billion.Apache, under pressure from activist investor Jana Partners, said in July it planned to exit the two projects.The company is also evaluating a sale or spinoff of its international operations to focus on North American shale wells.Woodside Petroleum, Australia's top oil and gas producer, said in August it was looking at M&A opportunities as companies such as Shell and Apache offload assets.

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 1.53% or $0.865/share to $57.30. In the past year, the shares have traded as low as $55.80 and as high as $104.57. On average, 4542420 shares of APA exchange hands on a given day and today's volume is recorded at 560344.