Sept 10 (Reuters) - U.S. oil and gas producer APA Corp ( APA )

said on Tuesday it would sell non-core Permian-based

drilling properties to an undisclosed buyer for about $950

million.

Consolidation in the sector hit a record $51 billion in the

first quarter as energy companies rush to expand their oil and

gas drilling inventories, especially in the top U.S. shale

field, the Permian Basin.

Proceeds from the sale will be used primarily to reduce

debt, the company said in the release, after its acquisition of

Callon Petroleum.

The deal is expected to close during the fourth quarter

2024.

In August, Reuters reported that the company was exploring a

sale of the drilling assets.