- Apache (APA) says it sold all its operations in Argentina to state-controlled energy company YPF for $800M plus the assumption of $52M in back debt.
- APA says the deal is consistent with its strategy to focus on growth areas such as drilling opportunities onshore North America and international assets generating large free cash flows.
- At year-end 2013, APA had estimated reserves in the country of ~540B cfe; the company's 2013 production from Argentina averaged 256M cfe/day.
- APA +2% AH.
Apache to sell Argentina operations to YPF for $800M
Feb 12 2014, 17:25 ET