APA Announces Agreement for $950 Million Asset Sale of Non-Core Properties in the Permian Basin

HOUSTON, Sept. 10, 2024 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) today announced it has entered into an agreement to sell non-core producing properties in the Permian Basin to an undisclosed buyer for $950 million, before customary closing adjustments. The properties are located in the Central Basin Platform, Texas and New Mexico Shelf and Northwest Shelf and currently represent an estimated net production of 21,000 barrels of oil equivalent per day (boe/d), of which approximately 57% is oil. Proceeds from this sale will be used primarily to reduce debt. The effective date of the transaction is July 1, 2024, and the transaction is expected to close in the fourth quarter of 2024.

“Through multiple transactions completed this year, we have provided and focused our U.S. asset base with high quality and focus. Our remaining Permian position has scale and balance in the unconventional Midland and Delaware Basins,” said John J. Christmann IV, CEO of APA Corporation. “The net impact of our acquisition of Callon Petroleum and subsequent asset sales is that APA has increased its onshore U.S. production by approximately 66,000 boe/d in 2024 and added economic unconventional inventory, with no material change in net debt levels compared to the end of 2023.”