Apache Corporation (NYSE:APA) announced today it has finished the acquisition of the assets held by BP (NYSE:BP) in the Permian Basin for $3.1 billion.
The Permian Basin assets they acquired are in West Texas and New Mexico.
Included in the deal are the land, infrastructure and oil and gas operations.
The land part of the deal includes 1.7 million gross acres, 405,000 of which are classified as net mineral and fee acres, which have the possibility of producing more product.
Proven reserves in the 10 Permian fields Apache acquired are 141 million barrels of oil equivalent. Of that 65 percent are liquids. Gas per day from the fields is MMcf. There are also two gas processing plants which are operational.
Apache paid for the assets with cash, debt and equity offerings.
BP will continue to operate the properties for Apache through November 30.
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