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http://www.fool.com/News/mft/2006/mft06041924.htm?ref=btp

Apache Sticks to Its Knitting
By Stephen D. Simpson, CFA
April 19, 2006

Well, they did it again.

Independent oil and gas company Apache (NYSE: APA) and super-major BP (NYSE: BP) are getting together for a transaction. In this case, Apache is paying about $1.3 billion for 18 producing fields on the continental shelf of the Gulf of Mexico, with proved reserves of about 58 million barrels (though more than half of the reserves are actually natural gas).

This should be one of those deals that is good for both parties. Apache is a proven operator in the Gulf and has an enviable track record of buying properties and generating better returns from them than the original owners could have managed. On the flip side, it gives BP a gracious exit from this particular real estate and a nice chunk of cash that could be applied to other exploration and development projects.....
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