Apache Corporation (NYSE, Nasdaq: APA) said Thursday it has completed the sale of its Argentina operations and properties to YPF SA.
YPF paid $800 million in cash and assumed $52 million of bank debt.
”This transaction essentially marks the end of a process that Apache began last year to rebalance its portfolio to focus on assets in North America that can grow more predictably combined with international assets that generate substantial free cash flow,” said G. Steven Farris, chairman, chief executive and president of Apache.
“Going forward,” Farris said, “Apache is committed to visible and repeatable production growth, fiscal discipline with a rate of return focus, and safe, efficient operations.”
Apache has oil and gas exploration and production operations in the United States, Canada, Egypt, the United Kingdom and Australia.
Its operations in the United States are in the Anadarko and Permian basins, and in and along the Gulf of Mexico, in the areas on-and offshore Texas and Louisiana.
The company also has leasehold acreage holdings in Alaska.