Houston-based APA Corp. and subsidiaries including Apache announced Monday the sale of non-core assets in Permian Basin, East Texas Austin Chalk and Eagle Ford in south Texas for more than $700 million. The properties produced in first quarter an estimated 13,000 boed – more than one-third oil. APA said proceeds will be used primarily to reduce near-term borrowing (after recent purchase of Callon Petroleum).
“We will continue to look for opportunities to exit assets that are unlikely to compete for capital within our portfolio or to monetize non-core assets at attractive prices,” John J. Christmann IV, CEO, said.
The Permian assets are comprised of 24,000 net royalty acres in several counties in Midland Basin with Q1 production of 2,000 boed. Apache also is selling 237,000 net acres in Austin Chalk and Eagle Ford with net production in Q1 of 11,000 boed.