APA Announces over $700 Million in Asset Sales from Two Transactions for Non-core Texas Properties

Core Insights - APA Corporation announced the sale of non-core producing properties for over $700 million, with expected closing in early Q3 2024 [1] - The sold properties have an estimated net production of 13,000 barrels of oil equivalent per day (Mboe/d) in Q1 2024, with over one-third being oil [1] - Proceeds from the sales will primarily be used to reduce near-term borrowings [1] Midland Basin Minerals - Apache Corporation is selling nearly 24,000 net royalty acres in the Midland Basin, producing approximately 2.0 Mboe/d net in Q1 2024 [2] - The effective date for this sale is April 1, 2024, with Barclays serving as the financial advisor [2] East Texas Austin Chalk / Eagle Ford - Apache Corporation is selling 237,000 net acres in the East Texas Austin Chalk and Eagle Ford plays, with an effective date of January 1, 2024 [3] - This segment produced approximately 11 Mboe/d in Q1 2024, with TD Securities acting as the financial advisor for the transaction [3] Company Overview - APA Corporation explores and produces oil and natural gas in the U.S., Egypt, and the U.K., and also explores offshore Suriname [4]