Apache says has money from Argentina oil deal
HOUSTON (Reuters) - Apache Corp (APA.N) has been paid by state-run YPF SA (YPFD.BA) for its previously announced $800 million cash deal to sell its operations in Argentina, a payment that may help the Latin American country further rebuild credibility with foreign investors.
"The transaction was closed and payment was made to Apache in international accounts outside Argentina," said spokesman Bill Mintz.
Two years after seizing YPF, the country's biggest energy company, from Spain's Repsol SA (REP.MC), Argentina is working to quell concerns about economic conditions and energy policy in the South American country.
Repsol last month said its board of directors had approved a $5 billion settlement with Argentina after President Cristina Fernandez expropriated 51 percent of Repsol's stake in YPF.
Apache had stakes in about 25 fields in Argentina, including the giant Vaca Muerta shale oil and gas field.
The formation, in the southern Patagonia region, has 661 billion barrels of oil and 1,181 trillion cubic feet of natural gas resources, according to YPF.
Shares of Houston-based Apache fell 28 cents, or less than one percent, to $79.27 in afternoon New York Stock Exchange trading.