By Erin McCarthy
Apache Corp. (APA) said Monday it will sell some oil- and
gas-producing assets in Canada for $374 million.
The move is part of the company's ongoing portfolio rebalancing,
which it began last year in a bid to focus more on growing crude
oil and liquids production. Since last year, the company has also
divested operations on the Gulf of Mexico Shelf, in Argentina and
Egypt, as it also has looked to shore up its balance sheet after
years of acquisitions.
The company said it is selling dry gas-producing properties in
the Ojay, Noel and Wapiti areas in Alberta and British Columbia.
Those fields averaged daily production of 101 million cubic feet of
natural gas and 1,500 barrels of liquid hydrocarbons in 2013.
"The sale of these natural gas assets -- and other Canadian
gas-producing properties sold last year -- will permit Apache's
Canada Region to concentrate on liquids-rich opportunities that can
provide more attractive rates of return and more predictable
production growth," Apache Chairman and Chief Executive G. Steven
Farris said in a statement.
The company said the proceeds from the sale will be used to fund
its 30-million-share repurchase program. The transaction is
expected to close on or about April 30.
The stock is down 3.4% so far this year.
Write to Erin McCarthy at erin.mccarthy@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires