The Houston, Texas-based Apache reportedly is working with financial adviser Goldman Sachs on defense, Bloomberg reported.
The unnamed potential buyer sent a letter to Apache in the past few weeks and it’s unclear whether talks will resume, Kallanish Energy understands.
A spokesman for Apache couldn’t be reached for comment.
A deal for Apache would be the largest for an independent oil and gas producer in the U.S. this year. Noble Energy in July bought Texas shale driller Rosetta Resources for $3.9 billion, including assumed debt, in an all-stock transaction.
Apache has under-performed in recent years, largely because of bad bets on major projects in Argentina and Australia that didn’t pan out. The company, which announced a new CEO in January, has been selling off properties in Texas and Australia.
Apache had a third-quarter net loss of roughly $5.7 million, compared with a loss of about $1.3 million a year earlier. The company has cut its 2015 capital budget by more than 60% from a year earlier.
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