WASHINGTON (dpa-AFX) - APA Corp. (APA) on Wednesday announced an agreement to acquire Savant Alaska, LLC for approximately $70 million in upfront consideration, prior to customary closing adjustments.
The agreement also provides for contingent payments tied to future development of APA's eastern North Slope position in Alaska.
The deal is expected to close by year-end 2026.
The acquisition includes the Badami facilities with a production capacity of about 40,000 barrels of oil per day.
The acquisition also includes the Nutaaq Pipeline, which has a capacity of about 80,000 barrels of oil per day and provides access to the Trans-Alaska Pipeline System.
The transaction also adds approximately 104,000 gross acres and about 1,500 barrels of oil per day of production through interests in the Badami and Grey Owl units.
The company said the acquired infrastructure is expected to support its 2026 to 2027 exploration and appraisal activities and enhance future development flexibility.
Following the acquisition, APA's position on Alaska's eastern North Slope will total approximately 487,000 gross acres.
In the pre-market trading, APA is 0.71% lesser at $36.35 on the Nasdaq.
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