Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, February 12, 2014

Apache sells 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. YPF paid a $50 million deposit on the deal which also includes the assumption of $52 million in back debt.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.Reuters reported in November that the deal 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 2317800.