Apache has agreed to sell non-core oil and gas assets in Louisiana and the Anadarko Basin for $1.4 billion in two separate transactions to unnamed buyers.
Apache will sell its working interest in 90,000 net acres located in southern Louisiana.
The Louisiana assets are mature fields that currently produce 21,000 barrels of oil equivalent per day net to Apache with gas and natural gas liquids accounting for 62 percent of output.
The Houston-based company will retain its 275,000 mineral acres in south Louisiana.
In a separate transaction, Apache agreed to sell about 115,000 net acres in a portion of its Stiles Ranch field in Wheeler County, Texas, and in its Mocane-Laverne and Verden fields in western Oklahoma.
All three fields are located in the Anadarko Basin.
Net production from these properties averaged 26,000 barrels of oil equivalent per day during the third quarter, with gas and natural gas liquids making up 83 percent of production.
Proceeds from the sales will primarily be used to fund Apache’s 2014 leasehold acquisition program.
Both transactions are expected to close during the fourth quarter of 2014.
“We have made great progress in strategically positioning our North American onshore portfolio for high growth and high returns. We continue to focus on growing liquids production from our deep inventory of North American resource locations,” Apache CEO G. Steven Farris said.
RBC Richardson Barr acted as the financial adviser on the southern Louisiana transaction and Wells Fargo Securities acted as the financial adviser on the Anadarko Basin transaction.