Apache Has Successful Day In Gulf Of Mexico Lease Sale, Recording High Bids In 90 Shelf And Deep Water Blocks

Apache Corporation APA announced it was the high bidder on 90 shelf and deep water blocks in the Central Gulf of Mexico offshore lease sale held today by the Bureau of Ocean Energy Management (BOEM) in New Orleans. Of the 56 companies submitting bids for Gulf of Mexico acreage, Apache Corp. was ranked No. 1 overall for its 61 high bids on the shelf, while Apache Deepwater LLC, the company's deep water arm, was ranked No. 4 overall with 29 high bids. The sum of the combined high bids was nearly $96 million gross. "We're excited about these blocks and our expanding presence in the Gulf of Mexico," said G. Steven Farris, Apache chairman and chief executive officer. "The Gulf of Mexico is integral to Apache's long-term growth. The shelf provides some of the best margins, highest returns and most free cash flow, and the deep water has some of the best exploration potential of any region in our global portfolio."