Houston-based APA Corp., holding company for Apache Corp., said Monday it closed on two transactions generating net proceeds of more than $1 billion. APA subsidiaries completed a sale March 7 of Delaware Basin mineral interests to undisclosed buyer with estimated production of 7,000 boed for $805 million, and March 11 an APA subsidiary completed sale of Kinetik stock for $224 million. The combination of Apache spinoff Altus Midstream and BCP Raptor, parent company of EagleClaw Midstream, formed Kinetik in February.
APA president and CEO John J. Christmann IV said, “Completion of these transactions reflects the ongoing streamlining of our portfolio.” APA said Apache plans to invest at least $100 million in 2022 and 2023 for drilling and completions in Alpine High in Delaware Basin.