Apache has agreed to sell off assets in Louisiana and the Anadarko Basin for $1.4billion in two separate transactions.
The company said the first deal will involve the sale of 90,000 net acres of mature fields in Southern Louisiana.
The mature fields, which it said were characterised by high decline rates and short reserve lives, produced 21,000 BOE (Barrels of Oil Equivalent) per day.
Apache will still retain its 275,000 mineral acres in Southern Louisiana.
The transaction in the Anadarko Basin will see the sale of 115,000 net acres in a portion of its Stiles Ranch field in Wheeler County, Texas and its Mocane-Laverne and Verden fields in Western Oklahoma.
Both deals are expected to close in the fourth quarter of 2014.
G. Steven Farris, Apache’s chief executive officer, said: “We have made great progress in strategically positioning our North American onshore portfolio for high growth and high returns.
“We continue to focus on growing liquids production from our deep inventory of North American resource locations.
“Proceeds from today’s announced asset sales will be used primarily to fund our 2014 leasehold acquisition program, which has added significant acreage within our primary focus areas.
“We are excited about our 2015 drilling plan, which will focus on projects that generate high rates of return and competitive growth, even in today’s lower oil price environment.”
The company said during 2014, it has added more than 300,000 acres of leasehold in key growth plays.
The company has also substantially increased its drilling inventory in the Eagle Ford and Canyon Lime plays of Texas to more than 3,000 and 800 locations, respectively.