APACHE CORP. $83 - New York symbol APA

APACHE CORP. $83 (New York symbol APA; Aggressive Growth Portfolio, Resources sector; Shares outstanding: 391.9 million; Market cap: $32.5 billion; Price-to-sales ratio: 2.0; Dividend yield: 1.0%; TSINetwork Rating: Average; www.apachecorp.com) has agreed to sell most of its offshore oil and gas properties in the Gulf of Mexico for $3.75 billion. The sale, which should close in September 2013, is part of Apache’s plan to focus on its less risky onshore operations.

The company aims to sell $4 billion of its less important assets in 2013. It will use half of the proceeds to buy back shares and the other half to pay down its $11.5-billion long-term debt.

Apache is a hold.

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