APA Corp plans a $1bn sale of Permian Basin drilling properties, focusing on shale and reducing debt.
APA Corp, via its Apache subsidiary, is exploring a $1bn sale of oil and gas drilling properties in the Permian Basin, Texas and New Mexico. The company is working with RBC Richardson Barr and Truist Securities to refocus operations on shale and reduce its $6.7bn debt. The drilling assets, producing 22,000 barrels of oil eqv/day, are spread across the Northwest Shelf, Northern Shelf, and Central Basin Platform in New Mexico and Texas.
August 19, 2024
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