Apache to sell Argentina operations to YPF for $800M

|About: Apache Corporation (APA)|By:, SA News Editor

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.