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Reuters: Apache sells Canadian oil assets for C$330M

Jun. 01, 2017 6:33 PM ETAPA Corporation (APA) StockAPABy: Carl Surran, SA News Editor8 Comments
  • Apache (NYSE:APA) is selling Canadian light oil assets to Canada's Cardinal Energy Ltd. for C$330M (US$244M) to focus on high-growth areas such as the Permian Basin, Reuters reports.
  • The sale includes the House Mountain assets in Alberta and APA's share of the Midale and Weyburn oil assets in Saskatchewan, which together produce ~5K boe/day; APA still maintains other operations in western Canada, producing ~50K boe/day.
  • APA becomes the latest major oil company to sell their Canadian operations, as this year alone has seen a $22.5B selloff of Canadian assets.

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