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Monday, December 15, 2014

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

Apache Corp said on Monday it would sell its stakes in two liquefied natural gas 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 potential acquisitions as companies such as Shell and Apache offload assets, amid worries about high costs and future prices.Apache said it would sell its 13 percent stake in Wheatstone, majority-owned by Chevron Corp, and its 65 percent interest in the WA-49-L oil and gas block, located offshore western Australia.

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 0.5% or $-0.285/share to $56.16. 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 4255632.