Apache to Keep Assets in Egypt

Apache to Keep Assets in Egypt

Apache Corp has tabled its plans to sell or spin-off its businesses in Egypt and the North Sea because those projects generate needed cash in a time of low crude oil prices, the CEO said on Thursday.

“Clearly in this price environment it would not make sense to monetize them and they complement things very nicely so at this point, there are no plans to sell or spin them,” Chief Executive John Christmann told investors on an earnings call.

However, Apache is exploring a possible sale of its non-LNG assets in Australia, the executive said.

Source: Reuters

Photo: Apache Corp


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