ExxonMobil and Apache Announce Agreement to Optimize Exploration and Development in West Texas, Western Canada, Louisiana and Gu
24 Mai 2004 - 3:00PM
PR Newswire (US)
ExxonMobil and Apache Announce Agreement to Optimize Exploration
and Development in West Texas, Western Canada, Louisiana and Gulf
of Mexico HOUSTON, May 24 /PRNewswire/ -- ExxonMobil Corporation
and Apache Corporation today announced a program that will
capitalize on the respective strengths and assets of both companies
to optimize hydrocarbon exploration and development in the United
States and Canada. The agreement provides for transfers and joint
venture activity across a broad range of prospective and mature
properties in West Texas, Western Canada, onshore Louisiana and the
Gulf of Mexico Continental Shelf, and is expected to increase the
realized value of the portfolio for both companies. Apache's
participation in this agreement will include a cash payment of $385
million. The parties will now work together to close the various
transactions with more definitive agreements. ExxonMobil agreed to
transfer its interests in 28 mature producing oil and gas fields in
West Texas and New Mexico with current gross production of about
10,000 oil-equivalent barrels per day and will retain a revenue
interest indexed to oil price through 2009. ExxonMobil will retain
a 50 percent working interest in all properties beneath the
currently producing intervals. In the Western Canadian Province of
Alberta, ExxonMobil's subsidiary, ExxonMobil Canada Energy will
farm out its interest in approximately 300,000 acres of undeveloped
property interests in mature areas to Apache Canada Ltd. Apache
will drill and operate more than 250 wells over an initial two-year
period with upside for further drilling. ExxonMobil Canada will
retain a 37 1/2 percent lessor royalty on fee lands and 35 percent
of its working interest on ExxonMobil leasehold as to any
production resulting from the drilling program. Regarding onshore
Louisiana and Gulf of Mexico shelf acreage, the parties jointly
will explore for deep gas on more than 800,000 acres of
high-potential Apache onshore and offshore properties for an
initial period of five years, with provisions for extension. In
order to expedite exploration, the agreement provides flexibility
on participation and operatorship. ExxonMobil will operate
high-cost, deep-gas prospects that rely on state-of-the-art
technology and Apache may pursue and operate shallower prospects
whether ExxonMobil chooses to participate or not. "We look forward
to implementing this agreement with Apache Corporation, which
covers such a broad portfolio of opportunities for our two
companies," said Harry J. Longwell, ExxonMobil Director and
Executive Vice President. "This allows us to create more
shareholder value from mature producing properties and large
undeveloped acreage positions, and gives us access to new deep gas
prospects in Louisiana both on and offshore. It has been a pleasure
to work together to determine how best to take advantage of the
relative strengths and assets of both parties to greatly increase
both the near-term and long-term value of what we held separately."
"We are pleased to have the opportunity to consummate such a
far-reaching, value-added transaction with ExxonMobil," said G.
Steven Farris, Apache's president, chief executive officer and
chief operating officer. "The work necessary to put this
transaction together took several months during which time
ExxonMobil's people, at every level, were a pleasure to work with.
It is apparent why ExxonMobil is the largest and most respected
energy company in the world, and we look forward to working with
them in our expanded relationship to add value for our respective
shareholders." Exploration agreements for North American acreage
would add to ExxonMobil's industry leading portfolio, the largest
in terms of proved reserves and production. North American
Operations contributed approximately 36 percent of ExxonMobil's
2003 worldwide production on an oil-equivalent basis and 37 percent
of its Upstream earnings. With interests in more than 40 producing
Gulf of Mexico fields, development projects under way,
participation in high-potential discoveries and a strong inventory
of prospects, ExxonMobil is well positioned for future growth. The
company also holds interests in approximately 600 exploration
blocks throughout the Gulf of Mexico encompassing more than 3.4
million gross and 2.8 million net acres. Apache Corporation is a
large oil and gas independent with core operations in the United
States, Canada, the United Kingdom North Sea, Egypt and Western
Australia. For Apache, the agreement adds production in the Permian
Basin, which is one of the company's core areas, and provides
access to a significant new acreage position in Canada as well as a
world-class partner for deep gas exploration in South Louisiana and
the Gulf of Mexico. This release contains certain "forward-looking
statements" as defined by the Private Securities Litigation Reform
Act of 1995, including, without limitation, expectations, beliefs,
plans and objectives regarding the potential transactions and
ventures discussed in this release. Among the important factors
that could cause actual results to differ materially from those
indicated by such forward-looking statements are the successful
negotiation, approval, and execution of definitive agreements, the
availability of needed personnel and equipment for the future
exploration and development, fluctuations in oil and gas prices,
and general economic conditions.
http://www.newscom.com/cgi-bin/prnh/20010918/APALOGO
http://photoarchive.ap.org/ DATASOURCE: Apache Corporation CONTACT:
Bob Davis of ExxonMobil Corporation, +1-713-656-7544; or media,
Tony Lentini, +1-713-296-6227, or investors, Robert Dye,
+1-713-296-6662, both of Apache Corporation Web site:
http://www.apachecorp.com/ Company News On-Call:
http://www.prnewswire.com/comp/101390.html
Copyright
Exxon Mobil (NYSE:XOM)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Exxon Mobil (NYSE:XOM)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024