Apache Preps $4B In Asset Sales, $2B Stock Buyback

Law360, New York (May 9, 2013, 4:56 PM EDT) -- Texas energy giant Apache Corp. announced plans Thursday to sell roughly $4 billion in assets by the end of 2013 and buy back up to $2 billion of its own stock from shareholders, sending the stock surging as investors responded positively to the blockbuster share buyback plan.

The Houston-based oil and gas firm said in a regulatory filing that it plans to use roughly half of the proceeds from the asset sales to pay down its debt. The other $2 billion will go toward a stock...
To view the full article, register now.