Press release
Apache Corporation and APA Corporation Announce Completion of New Holding Company Structure
HOUSTON, March 01, 2021 (GLOBE NEWSWIRE) -- Apache Corporation (Apache) and APA Corporation (Nasdaq: APA) (APA or the Company) today announced completion of
About this update from Apa Corporation
[{"type":"text","content":"HOUSTON, March 01, 2021 (GLOBE NEWSWIRE) -- Apache Corporation (Apache) and APA Corporation (Nasdaq: APA) (APA or the Company) today announced completion of the previously announced holding company structure, making APA the parent holding company of Apache. APA replaces Apache as the public company trading on the Nasdaq stock market under the ticker symbol “APA.” Each share of Apache common stock outstanding immediately prior to the reorganization has automatically converted, on a one-for-one basis, into a share of common stock of APA, having the same designation, rights, powers, and preferences and qualifications, limitations, and restrictions as a share of Apache common stock immediately prior to the reorganization. Accordingly, Apache stockholders automatically became stockholders of APA with the same number and ownership percentage of shares as they held in Apache immediately prior to the reorganization. Apache now operates as a wholly-owned subsidiary of APA. The Board of Directors and the executive officers of Apache immediately prior to the reorganization continue in their same roles at APA. The holding company reorganization, which is intended to be a tax-free transaction for U.S. federal income tax purposes for the Company’s stockholders, will modernize the Company’s operating and legal structure, provide financial and administrative flexibility, and more closely align the Company’s legal structure with its growing international presence. In connection with the reorganization, APA also acquired the Suriname and Dominican Republic subsidiaries from Apache. Apache continues to hold existing assets in the U.S., subsidiaries in Egypt and the U.K., and its current economic interests in Altus Midstream Company (Nasdaq: ALTM) and Altus Midstream LP. APA’s common stock will begin trading at the opening of trading on March 2, 2021, under the new CUSIP number 03743Q108. About APA APA Corporation, through its consolidated subsidiaries, explores for and produces oil and gas with operations in the United States, Egypt and the United Kingdom and exploration activities offshore Suriname. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Specific information concerning Suriname, ESG performance and other investor-related topics are posted at investor.apacorp.com. Abou...