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APA to Acquire Savant Alaska for $70 Million

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APA (APA) said Wednesday it has agreed to acquire Savant Alaska for about $70 million in upfront consideration, plus contingent payments related to the development of APA's eastern North Slope portfolio.

The acquisition includes the Badami facility with nameplate capacity of about 40,000 barrels of oil per day and the Nutaaq Pipeline with a capacity of approximately 80,000 barrels of oil per day, the company said.

APA said its Alaska eastern North Slope position will total roughly 487,000 gross acres after the transaction, which is expected to close by year-end. The company said it will issue an updated guidance after closing.

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