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Thursday, November 20, 2014

Apache Corp to sell oil and gas assets for $1.4 bln, (NYSE: APA)

Apache Corp said it would sell oil and gas assets in southern Louisiana and the Anadarko Basin, spanning western Oklahoma and the Texas Panhandle, for about $1.4 billion in two separate deals.U.S. exploration and production companies such as Apache are focusing on lucrative shale oil fields in North America as weak oil prices make drilling more expensive.Apache said it would sell its working interest in about 90,000 net acres in the southern Louisiana fields. The assets produced about 21,000 barrels of oil equivalent (boe) per day in the third quarter.The company, under pressure from activist investor Jana Partners to sell assets, will retain its 275,000 mineral acres in the area.

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 0.03% or $-0.02/share to $72.05. In the past year, the shares have traded as low as $69.28 and as high as $104.57. On average, 3460580 shares of APA exchange hands on a given day and today's volume is recorded at 4645121.