OIL PRODUCER APA EXPLORES $1-BILLION SALE OF PERMIAN ASSETS

APA Corp is exploring the sale of oil and gas drilling properties spread across parts of the Permian basin of Texas and New Mexico, in a deal that could be valued at about $1 billion. APA, which owns the properties through its Apache subsidiary, is working with investment bankers at RBC Richardson Barr and Truist Securities on the sale process.

APA's move to offload the drilling sites comes as the Houston-based company looks to revamp its operations to focus on its shale operations, while attempting to reduce its $6.7-billion debt pile in part through asset sales.

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