Apache Corp has sold its Canadian subsidiary to Canadian oil producer Paramount Resources Ltd for $353.7 million (£273m) in order to focus on the North Sea, Egypt and US operations.
Calgary-based Paramount Resources plans to buy Apache Canada Ltd with cash on hand with the deal expected to close in August after regulatory approval.
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This is the third deal involving Canadian assets and takes the total received by Apache to about $713 million.
Apache said they plan to use the funds to finance a portion of their 2017-18 capital expenditures, reduce debt and improve the liquidity of the company.
