Bloomberg News reports that Apache Corp. agreed to buy Denver-based Cordillera Energy Partners III LLC for $2.85 billion in cash and stock.
The deal more than doubles Apache's holdings in the Anadarko basin in western Oklahoma, the Texas Panhandle and nearby states. It adds estimated reserves of 71.5 million barrels of oil equivalent, the Houston-based company said on Monday.
The purchase will be paid for with $2.25 billion in cash and $600 million in stock. It includes 18,000 barrels a day of existing production