APA Corp. announces over $700M in asset sales from two Texas properties

APA Corp. announced the sale of non-core producing properties by Apache Corporation and certain of its subsidiaries in two separate transactions with aggregate proceeds of more than $700M, prior to customary closing adjustments. Combined, the properties represent estimated net production in the first-quarter 2024 of 13,000 barrels of oil equivalent per day, or Mboe/d, of which just over one-third is oil. Proceeds from these asset sales will be used primarily to reduce nearer-term borrowings. Closing for both sales is expected early in the third-quarter 2024. Apache Corporation and its subsidiaries have agreed to sell nearly 24,000 net royalty acres across several counties in the Midland Basin. These mineral and royalty interests were primarily non-operated properties that produced approximately 2.0 Mboe/d net to Apache during the first quarter 2024. The effective date for the sale is April 1. Barclays served as the financial advisor for this transaction. Apache Corporation and its subsidiaries have agreed to sell 237,000 net acres in the East Texas Austin Chalk and Eagle Ford plays with an effective date of Jan. 1. Net production during the first quarter 2024 was approximately 11 Mboe/d. TD Securities was the financial advisor to the company for this transaction. Apache Corporation and its subsidiaries have agreed to sell 237,000 net acres in the East Texas Austin Chalk and Eagle Ford plays with an effective date of Jan. 1, 2024. Net production during the first quarter 2024 was approximately 11 Mboe/d.