APA Corp. mulling $1 billion sale of Permian basin oil and gas drilling properties, sources say
(WO) – On Aug. 19, Reuters reported that APA Corporation is considering selling its oil and gas drilling properties in the Permian basin, for roughly $1 billion. These assets are owned by APA's subsidiary, Apache.
This move aligns with APA's strategy to focus on shale operations and reduce its $6.7 billion debt, partially through asset sales. The properties up for sale produce over 22,000 boed, with oil making up about 60% of this production. The drilling locations include properties on the Northwest Shelf, the Northern Shelf, and the Central Basin Platform in New Mexico and Texas, unnamed sources told Reuters.
APA aims to pay down $2 billion in debt from its recent acquisition of Callon Petroleum within three years. Earlier this year, APA sold other non-core assets for nearly $700 million.
This story was originally reported by Reuters.
