Davis Polk & Wardwell LLP advised Goldman, Sachs & Co., Bank of America Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. as the joint book-running managers of concurrent SEC-registered offerings of approximately $2.3 billion of common stock of Apache Corporation and approximately $1.3 billion of depositary shares representing interests in 6% mandatory convertible preferred stock of Apache. The underwriters exercised in full their options to purchase additional shares under both offerings.

The proceeds received by Apache will be used to partially finance its pending $7 billion acquisition of various oil and gas assets from subsidiaries of BP plc, including all of BP’s oil and gas operations in the Permian Basin of West Texas and New Mexico, all of BP’s oil and gas operations in Egypt’s Western Desert and substantially all of BP’s upstream natural gas business in Western Canada.

Apache, headquartered in Houston, Texas, is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. Its common stock is listed under the symbol "APA" on the New York Stock Exchange, the Nasdaq Global Select Market and the Chicago Stock Exchange.

The Davis Polk capital markets team included partner Richard D. Truesdell Jr., associates Pavan Jawanda and Erik Niit and summer associates Roshni S. Banker, Kathyrn Christine Chiu and Laura C. Turano. The Davis Polk equity derivatives team included partner Ray Ibrahim, associates Yan Zhang and Jessy Li and summer associate Jeffrey Brenner. Counsel Loyti Cheng and associate Hayden Baker provided environmental advice. Partner Lucy W. Farr and associate Andrew Teruo Hayashi provided tax advice. Jack S. Keating was the legal assistant for the transaction. All members of the Davis Polk team are based in the New York office.