Apache Corporation (NYSE, Nasdaq: APA) today announced it has completed the previously disclosed sale of its Argentina operations and properties to YPF Sociedad Anonima for cash payment of US $800 million plus the assumption of $52 million of bank debt as of June 30, 2013.

"This transaction essentially marks the end of a process that Apache began last year to rebalance its portfolio to focus on assets in North America that can grow more predictably combined with international assets that generate substantial free cash flow," said G. Steven Farris, chairman, chief executive and president of Apache. "Going forward, Apache is committed to visible and repeatable production growth, fiscal discipline with a rate of return focus, and safe, efficient operations."

About Apache

Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom, Australia and Argentina.

About YPF

YPF is an Argentine oil company engaged in the exploration and production of hydrocarbons and the refining and distribution of chemical and petrochemical products. The company is the country's main investor and employer and second largest exporter. It is also present in the fuel distribution market (diesel, gasoline, CNG, and aircraft kerosene). YPF operates a network of multiple pipelines for the transportation of refined products with a total length of 1,801km; 16 plants for the storage and distribution of refined products with an operating capacity of 983,620m3; and 1,642 service stations. In May 2012, Argentina's government finalized the expropriation of a 51% controlling stake in the company from Spain's Repsol.