The Permian Basin transaction is subject to exercise of preferential rights as well as standard closing requirements.
Apache President and Chief Executive Officer G. Steven Farris said, "Apache intends to concentrate and continue its rapid growth in Egypt's Western Desert. Egypt has been good to us and we welcome Amerada Hess as a strong and growing company.
"We are also pleased to add to Apache's present production and position in the Permian Basin. The concurrent sale of our unbooked West Mediterranean reserves enables us to expand and accelerate our production base in the United States," Farris said.
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