Apache Corporation announced the completion of the holding company structure, making APA the parent holding company of Apache. APA replaces Apache as the public company trading on the Nasdaq stock market under the ticker symbol “APA.”
on a one-for-one basis, each share of Apache common stock outstanding immediately prior to the reorganization has automatically converted into a share of common stock of APA, having the same designation, rights, powers, and preferences and qualifications, limitations, and restrictions as a share of Apache common stock.
Consequently, Apache stockholders automatically became stockholders of APA with the same number and ownership percentage of shares as they held in Apache immediately prior to the reorganization. In addition, APA obtains the Suriname and Dominican Republic subsidiaries from Apache Corporation
Apache now operates as a wholly-owned subsidiary of APA while the Board of Directors and the executive officers of Apache immediately prior to the reorganization continue in their same roles at APA.
The holding company reorganization, which is intended to be a tax-free transaction for U.S. federal income tax purposes for the Company’s stockholders, will modernize the Company’s operating and legal structure, provide financial and administrative flexibility, and more closely align the Company’s legal structure with its growing international presence.
Apache continues to hold existing assets in the U.S., subsidiaries in Egypt and the U.K., and its current economic interests in Altus Midstream Company (Nasdaq: ALTM) and Altus Midstream LP.