Activist investors pressure Apache to scale back ambitions

Apache Corporation plans to sell LNG assets as they scale back assets

Apache Corporation is having an uncomfortable time of late, as activist shareholders step up pressure to push the explorer to scale back its global ambitions and and concentrate on the less expensive shale boom at home. Having accumulated expensive assets around the world over the past decade, Apache spent the past year shedding more than $10 billion worth of them. The latest divestments were announced on 31 July, when the company said it plans to sell its interest in two giant liquefied natural gas projects (LNG) - something that one activist investor Jana Partners, which disclosed in June that it had built up a $1bn stake in Apache, had been agitating for.  Apache said it intends to comple