Press release
Apache Corporation Announces Creation of Holding Company Structure; Holding Company to be Named APA Corporation
HOUSTON, Jan. 04, 2021 (GLOBE NEWSWIRE) -- Apache Corporation (“Apache”) (Nasdaq: APA) today announced that its Board of Directors authorized the company to
About this update from Apa Corporation
[{"type":"text","content":"HOUSTON, Jan. 04, 2021 (GLOBE NEWSWIRE) -- Apache Corporation (“Apache”) (Nasdaq: APA) today announced that its Board of Directors authorized the company to create a holding company structure. Upon its formation, APA Corporation, the new holding company, will replace Apache Corporation as the public company trading on the Nasdaq stock exchange. Existing shares of Apache will be automatically converted, on a one-for-one basis, into shares of common stock of APA Corporation, which will retain the ticker symbol “APA”. The Board and the executive officers of Apache will continue in their same roles at the new company. APA Corporation will acquire the Suriname and Dominican Republic subsidiaries from Apache Corporation. Apache Corporation will become a direct subsidiary of APA Corporation and will continue 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. “These steps modernize our operating and legal structure, making it more consistent with other companies that have subsidiaries operating around the globe,” said John J. Christmann IV, Apache’s chief executive officer and president. “A holding company offers advantages in risk management, provides financial and administrative flexibility, and more closely aligns our legal structure with our growing international presence.” The holding company restructure is expected to be completed during the first half of 2021. About Apache Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom and exploration activities offshore Suriname. Apache posts announcements, operational updates, investor information and all press releases on its website, www.apachecorp.com. Specific information concerning Suriname, ESG performance and other investor-related topics are posted at investor.apachecorp.com. Forward-looking statements This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “guidance,” “may,” “might,” “outlook,” “po...