Apache sells 33% stake in Egypt business to Sinopec for $3.1B

• Apache (NYSE:APA) agrees to sell a 33% stake in its Egypt oil and gas business to Sinopec (NYSE:SNP) for $3.1B.
• APA says the move continues its strategy of rebalancing its portfolio toward assets with predictable growth rates and attractive rates of return.
• Net production at APA's Egypt operations averaged 100K bbl/day of oil and 354M cf/day of natural gas in 2012; its assets are located in remote areas and have remained unaffected by political events in the region.