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APA Corp buying West Texas oil producing land for $700 million -sources

By Shariq Khan and David French (Reuters) - U.S. oil producer APA Corp agreed to pay about $700 million for West Texas properties owned by closely held Titus Oil & Gas LLC, three...
APA Corp buying West Texas oil producing land for $700 million -sources © Reuters.

By Shariq Khan and David French

(Reuters) - U.S. oil producer APA Corp agreed to pay about $700 million for West Texas properties owned by closely held Titus Oil & Gas LLC, three people familiar with the matter told Reuters.

The deal could be announced as soon as Wednesday, the people said, adding the purchase would mark a significant pivot to West Texas for the former Apache Corp (NASDAQ:APA) after a failed bet on a remote corner of the top U.S. shale basin.

Titus Oil & Gas, backed by private equity firm NGP Energy Capital Management, is among the private oil and gas companies investors have put on the market in recent months hoping higher energy prices would secure bumper valuations.

An APA Corp spokesperson declined to comment.

Titus and NGP did not immediately respond to requests for comment.

Titus and NGP earlier disclosed an agreement to sell New Mexico oil producing assets to Earthstone Energy (NYSE:ESTE) Inc for $627 million.

The people, who requested anonymity to discuss confidential information, did not indicate the size of the land under the latest deal. It abuts existing APA assets in the Delaware portion of the Permian basin, one of the people said.

When oil prices crashed during lockdowns early in the coronavirus pandemic, APA briefly suspended U.S. drilling and reduced activity in Egypt and the North Sea in favor of developing discoveries off the coast of Suriname.

Through 2021, APA returned to normal operations in the Delaware portion of the Permian Basin in Texas, but began streamlining its Permian assets by selling noncore holdings and allocated most of its 2022 exploration budget towards Suriname.

Wall Street analysts expect APA will post a profit of $804 million for the second quarter, compared with $316 million reported for the same quarter a year-ago as Russia's invasion of Ukraine has tightened fuel supplies and driven up oil and gas prices.

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16-08-2022 20:21:51 (UTC+7)

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    EUR/USD 1.0151 Sell  
    GBP/USD 1.2053 Sell  
    USD/JPY 134.57 ↑ Buy  
    AUD/USD 0.7005 Sell  
    USD/CAD 1.2890 Neutral  
    EUR/JPY 136.60 ↑ Buy  
    EUR/CHF 0.9643 ↑ Buy  
    Gold 1,790.15 ↑ Buy  
    Silver 20.040 ↑ Buy  
    Copper 3.6268 Buy  
    Crude Oil WTI 89.31 ↑ Sell  
    Brent Oil 94.81 ↑ Sell  
    Natural Gas 9.251 ↑ Buy  
    US Coffee C 222.58 ↑ Sell  
    Euro Stoxx 50 3,792.55 ↑ Sell  
    S&P 500 4,297.14 Neutral  
    DAX 13,842.83 Sell  
    FTSE 100 7,545.90 ↑ Sell  
    Hang Seng 19,830.52 ↑ Buy  
    Small Cap 2000 2,020.40 ↑ Buy  
    IBEX 35 8,486.78 Neutral  
    BASF 44.148 ↑ Sell  
    Bayer 54.03 ↑ Sell  
    Allianz 179.33 ↑ Sell  
    Adidas 170.43 ↑ Sell  
    Lufthansa 6.720 ↑ Sell  
    Siemens AG 111.34 ↑ Sell  
    Deutsche Bank AG 8.977 ↑ Sell  
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# So hôm qua # Chênh TG
SJC Eximbank6,580/ 6,680
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SJC HCM6,600/ 6,700
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SJC Hanoi6,600/ 6,702
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Cập nhật 16-08-2022 20:21:53
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Ngoại tệMua vàoBán ra
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EUR23.145,5524.441,71
GBP27.456,8428.627,78
JPY171,08181,12
KRW15,4318,80
Cập nhật lúc 18:54:08 16/08/2022
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