Apache Corp., seeking to reduce debt and fund a share buyback, agreed to sell its Argentine energy assets to state-run YPF SA for $800 million in cash.
The assets include estimated reserves of 540 billion cubic feet of natural gas equivalent and average output of 256 million cubic feet a day, Houston-based Apache said in a statement yesterday. The deal includes the assumption of $52 million in bank debt as of June 30. YPF paid a $50 million deposit. The transaction is expected to close in the next 30 days.