Apache Completes Purchase Of BP's Canadian Assets

HOUSTON (AP) -- Apache Corp. said Tuesday that it has completed its $3.25 billion acquisition of most of BP's upstream natural gas assets in Canada.

The transaction is the part of Apache's previously announced $7 billion acquisition of BP assets in Texas, Canada and Egypt. Apache has already closed the $3.1 billion deal for oil fields and gas processing plants in Texas and southeast New Mexico. The oil exploration and production assets in Egypt are worth about $650 million.

BP earned $166 million last year from the combined properties. They're considered to be past their peak, but that spells opportunity for Apache, which has a reputation for buying mature fields and boosting their production, Argus Research analyst Phil Weiss noted in July when the deals were announced.

Apache will take control of the Canadian properties on Nov. 1.
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