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Wednesday, February 12, 2014

Apache selling Argentina operations to YPF for $800 mln, (NYSE: APA)

U.S. oil and gas company Apache Corp on Wednesday said it sold all of its operations in Argentina to state-controlled energy company YPF for $800 million cash, part of a plan to shed less profitable properties.Apache, which also has oil and gas operations in Egypt, Australia and the North Sea, announced plans in May to sell assets to cut debt and shore up its balance sheet and share price through buybacks.So far in the last two quarters, the Houston company said it has collected $7 billion in cash from asset sales that included its shallow Gulf of Mexico holdings.Reuters reported in November that the YPF deal, which is expected to close in 30 days, was being negotiated.

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 fell by 0.12% or $-0.1/share to $81.28. In the past year, the shares have traded as low as $67.91 and as high as $94.84. On average, 2525940 shares of APA exchange hands on a given day and today's volume is recorded at 2317942.