Apache Redirects Focus With $3.8B Gulf Asset Sale

Law360, New York (July 19, 2013, 3:58 PM EDT) -- Apache Corp. will unload $3.75 billion in offshore assets in the Gulf of Mexico to a unit of private equity firm Riverstone Holdings LLC, reframing its focus after a long run as the top energy company working in the Gulf's shallows, Apache said late Thursday.

The deal is the most substantial move for Apache three years after it suggested it would rework its strategy to step back from its stranglehold on the Gulf shelf. With many of its Gulf shelf blocks winding down and trading hands...
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