Apache To Sell Argentinian Operations For $852 Mln

(RTTNews) - Apache Corp. (APA) has agreed to sell all of its operations in Argentina to YPF Sociedad Anonima for $800 million in cash plus the assumption of $52 million of bank debt.

YPF paid a $50 million deposit on the transaction, which is expected to be completed in the next 30 days.

The transaction complements Apache's realization of more than $7 billion of cash proceeds from asset sales in the last two quarters. Apache is deploying these proceeds to invest for profitable growth, enhance financial flexibility, reduce debt and buy back Apache common shares under a share repurchase program authorized by the board in 2013.