Oil independent Apache Corporation (NYSE: APA) will buy Cordillera for $2.85 billion comprised of $600 million in common shares and $2.25 billion in cash.
Cordillera owns a large part of the Western Anadarko Basin. George H. Solich, CEO of Cordillera said
“The merger of Cordillera into Apache presents a tremendous opportunity for Apache to combine the Cordillera assets with Apache’s legacy Western Anadarko Basin position creating a platform for a multi-decade development program in some of the most economic, oil and liquids-rich gas targets in the onshore U.S. The combination is an excellent outcome for the Cordillera shareholders and considering we are taking a meaningful amount of the consideration in Apache shares reflects our confidence that the quality of the asset base will continue to yield economic growth in production and cash flow for years to come.”
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