Bloomberg News

Apache Paid $1.25 Billion to Exxon Mobil For North Sea Purchase

January 03, 2012

Jan. 3 (Bloomberg) -- Apache Corp. said it paid $1.25 billion to acquire North Sea assets from Exxon Mobil Corp., less than expected when the transaction was announced in September.

The change in value occurred after Apache bought a unit rather than individual assets, Bill Mintz, an Apache spokesman, said in a telephone interview today. He said earnings and dividends also affected the value.

Apache previously said 40 percent of the $1.75 billion price might be deductible and the company’s cash outlay at closing might be $1.5 billion to $1.55 billion before a tax benefit.

To contact the reporter on this story: Edward Klump in Houston at eklump@bloomberg.net

To contact the editor responsible for this story: Jessica Resnick-Ault at jresnickault@bloomberg.net


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