Apache Corporation Sales In Texas And Oklahoma May Raise $2.5 Billion

Apache Corporation APA put Texas and Oklahoma oil and gas properties on the market in a move that could raise more than $2.5 billion, according to report Tuesday.

Reuters said the Houston-based company hired Wells Fargo bank to help it sell more than 100,000 net acres of oil and gas producing assets in the Anadarko basin, including its Stiles Ranch, Verden and Mocane Laverne properties.

Reuters cited unnamed sources in its report and said Apache and Wells Fargo declined to comment.

Apache has said its moving to an exclusive focus on its North American shale properties.

Earlier this month it put its Provost holdings in east-central Alberta up for sale. In July it told investors it will exit its Kitimat liquid natural gas project in British Columbia and its Whetstone LNG project in Australia.

The company, which operates in the United States, Canada, Egypt, the U.K. and Australia, also said recently it's exploring the separation of certain international assets through the capital markets.

Apache, down 7 percent in the past three months, closed Tuesday at $93.93 per share, down 0.8 percent.

Posted In: NewsRumorsAsset Sales
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