Apache Corp. said Wednesday it reached a deal to sell its operations in Argentina to YPF Sociedad Anonima for $800 million in cash. The Argentine energy company also will assume $52 million in debt.
"Over the past year, Apache has taken decisive steps to focus its portfolio on repeatable and profitable long-term growth in areas where the company has industry-leading positions, such as its deep inventory of liquids-rich drilling opportunities onshore North America and international assets generating large free cash flows," Apache CEO Steven Farris said in a written statement. "This transaction is consistent with that strategy."
In the last two quarters, Apache has taken in more than $7 billion in cash proceeds from asset sales.
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At the end of last year, Apache had estimated reserves in Argentina of about 540 billion cubic feet of natural gas equivalent. During 2013, Apache's production from Argentina averaged 256 million cubic feet of gas equivalent per day.
