HOUSTON — Apache Corp. has agreed to sell assets in Texas, Oklahoma and Louisiana in two deals worth a combined $1.4 billion, the exploration and production company announced Thursday morning ahead of a presentation to analysts.
The transaction is the latest in a series of divestitures for the company, which is facing increased pressure from investors to streamline its portfolio to become more tightly focused on North America.
Since late 2012, the company has announced more than $10 billion in the sale of assets or stakes in projects in the Gulf of Mexico, Canada, Argentina and Egypt, among other places. And earlier this year, it announced plans to sell its stake in both the Wheatstone LNG project in Australia and the Kitimat LNG project in Canada.
But Thursday’s announcement was somewhat different from other recent Apache deals, since the assets changing hands are U.S. onshore acreage.
The deals include Apache’s working interest in 90,000 net acres in southern Louisiana. The company characterized that acreage as mature fields that have high decline rates and short reserve lives.
In another deal, Apache agreed to sell 115,000 net acres in Wheeler County, Texas and western Oklahoma, both part of the Anadarko Basin.
“We continue to focus on growing liquids production from our deep inventory of North American resource locations” said chief executive G. Steven Farris in a statement. “Proceeds from today’s announced asset sales will be used primarily to fund our 2014 leasehold acquisition program, which has added significant acreage within our primary focus areas.”
Both areas being sold primarily produce natural gas and natural gas liquids. The deals are expected to close in the fourth quarter.
Apache didn’t name the purchaser of either set of assets.