Apache Corp is in talks with Argentina's state-controlled energy company YPF about a possible sale of its assets in the South American country, sources told Reuters on Friday. U.S.-based oil and gas Apache has stakes in about 25 fields in Argentina. In May the company - which also has oil and gas operations in Egypt, Australia and the North Sea - announced plans to sell $4 billion of assets to cut debt and shore up its balance sheet and share price.Sources in New York and Buenos Aires, who asked not to be named, said Apache and YPF were talking about the possible sale of at least some of Apache's Argentine investments. Apache along with other global oil companies has rights to Argentina's giant Vaca Muerta shale oil and gas field.The formation, in the southern Patagonia region, has 661 billion barrels of oil and 1,181 trillion cubic feet of natural gas resources, according to YPF.Apache holds rights to areas in Neuqu�n, R�o Negro, Tierra del Fuego and Mendoza provinces. Assets in Argentina were responsible for around 6 percent of the company's production last year and 3 percent of its proved reserves at year end.
Apache Corporation (Apache) is an independent energy company, which explores for, develops, and produces natural gas, crude oil, and natural gas liquids. Shares of APA traded higher by 0.46% or $0.43/share to $94.42. In the past year, the shares have traded as low as $67.91 and as high as $94.84. On average, 2697430 shares of APA exchange hands on a given day and today's volume is recorded at 2104484.
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