APA Corp buys West Texas oil producing land for $505 mln [Reuters]
APA Corporation (APA)
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Source: Reuters
Aug 3 (Reuters) - U.S. oil producer APA Corp (APA.O) said on Wednesday it bought West Texas properties for $505 million during the second quarter, bolstering its position in the Delaware portion of the Permian shale basin. While APA did not name the seller, Reuters earlier reported the assets belong to privately owned Titus Oil & Gas, according to three sources familiar with the matter. The purchase marks a significant pivot to West Texas for the former Apache Corp 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. APA, Titus and NGP did not immediately respond to requests for confirmation on the seller. Titus and NGP earlier disclosed an agreement to sell New Mexico oil producing assets to Earthstone Energy Inc (ESTE.N) for $627 m
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News
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- Armstrong announces 2024 North Slope exploration drilling results; campaign extends the prolific Brookian topset fairway 65 miles to the east [Yahoo! Finance]Yahoo! Finance
- APA Co. (NASDAQ: APA) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
APA
Earnings
- 2/22/24 - Beat
APA
Sec Filings
- 4/12/24 - Form DEFA14A
- 4/12/24 - Form DEF
- 4/10/24 - Form 8-K
- APA's page on the SEC website