05:23 PM EDT, 09/10/2024 (MT Newswires) -- APA (APA) said late Tuesday it has agreed to sell non-core producing properties in the Permian Basin to an unnamed buyer for $950 million.

The properties, located in the Central Basin Platform, Texas and New Mexico Shelf, and Northwest Shelf, have estimated net production of 21,000 barrels of oil equivalent per day, the company said.

The company said it will mainly use the proceeds from the sale to reduce debt.

The transaction, effective July 1, is expected to close in Q4, the company said.