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 .
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.