Oil producer APA Corp to sell Permian assets for $950 mln
Corrects headline to say $950 million, not billion
Sept 10 (Reuters) -U.S. oil and gas producer APA Corp APA.O said on Tuesday it would sell non-core Permian-based drilling properties to an undisclosed buyer for about $950 million.
Consolidation in the sector hit a record $51 billion in the first quarter as energy companies rush to expand their oil and gas drilling inventories, especially in the top U.S. shale field, the Permian Basin.
Proceeds from the sale will be used primarily to reduce debt, the company said in the release, after its acquisition of Callon Petroleum.
The deal is expected to close during the fourth quarter 2024.
In August, Reuters reported that the company was exploring a sale of the drilling assets.
Reporting by Seher Dareen and Vallari Srivastava in Bengaluru; Editing by Alan Barona
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