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Energy & Environment

Apache Sells Off $1.4 Billion In Oil And Gas Leases To Pay For New Shale Play Holdings

The Houston company is scaling down operations in southern Louisiana as it ramps up exploration in the Eagle Ford gas-shale formation.



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Eagle-Ford-Shale-Well-Map.jpegMap of permits in the Eagle Ford gas-shale formation

Houston-based Apache Corporation has announced plans to sell off some of its oil and gas assets for $1.4 billion. The company is selling its interest in about 90,000 acres in southern Louisiana and roughly 115,000 acres in the Anadarko Basin in Texas and Oklahoma in two separate deals. Both deals are expected to close by the end of this year.

The moves are part of a multi-year strategy of focusing the company on unconventional oil and gas production. “We want to be a premier North American player,” said Apache chairman and CEO G. Stephen Farris in a presentation to investors. “Actually, we want to be the premier North American unconventional player.”

Apache has spent much of 2014 stepping up its holdings in the Eagle Ford shale play in South Texas and the Canyon Lime play in the Texas Panhandle. The company plans to use proceeds from the sales to pay to acquire leases on new acreage.

Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew Schneider is the senior reporter for politics and government at Houston Public Media, NPR's affiliate station in Houston, Texas. In this capacity, he heads the station's coverage of national, state, and local elections. He also reports on major policy issues before the Texas Legislature and county and city governments...

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