Freeport-McMoRan completes acquisition of Apache deepwater GoM interests

7/1/2014

Freeport-McMoRan completes acquisition of Apache deepwater GoM interests

PHOENIX, Arizona – Freeport-McMoRan Oil & Gas (FM O&G) has completed the acquisition of certain of Apache Corporation’s interests in the deepwater Gulf of Mexico (GoM).

Following the exercise of preferential purchase rights by other working interest owners in the Lucius project, FM O&G acquired for $919 million, 51.2% of Apache's 11.7% working interest in the Lucius oil development project, 100% of Apache's 12.5% working interest in the Heidelberg oil development project and several exploration leases. Following closing and the interim redetermination of equity ownership by the co-owners in the Lucius field, FM O&G owns an approximate 25.1% working interest in Lucius.

The deepwater GoM acquisition was funded with proceeds from the sale of FM O&G’s Eagle Ford shale assets, which closed on June 20.

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