APA Reaches Deal to Sell New Mexico Assets to Permian Resources

APA Corp., a US oil explorer with wells from Egypt to Alaska, said it’s selling some of its assets in the world’s busiest shale patch to Permian Resources Corp. as it streamlines its portfolio.

The transaction covers APA’s assets in the New Mexico portion of the Permian Basin, which Permian Resources is paying $608 million, prior to closing adjustments, according to a statement confirming an earlier report by Bloomberg News.

Houston-based APA was working with Bank of America Corp. to sell the oilfield acreage, said people familiar with the matter who asked not to be identified.

The transaction is ...