Apache to sell oil and gas assets for $1.4 billion

IndustriesAssociated Press

Apache Corp. said Thursday that it will sell some of its oil and gas assets for $1.4 billion.

The Houston-based company is selling its interest in approximately 90,000 acres in southern Louisiana and roughly 115,000 acres in the Anadarko Basin in Texas and Oklahoma in two separate deals. Both deals are expected to close by the end of this year.

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Apache said proceeds from the sales will be used to pay to acquire leases on new acreage.

The oil and gas exploration and production company has operations in the United States, Canada, Egypt, the United Kingdom and Australia.

Shares of the company rose $1.39, or 1.9 percent, to $73.44 in midday trading Thursday.