Apache sells Canadian subsidiary for £273m to focus on North Sea, Egypt and US

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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.

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.

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