APA Corp Acquires Savant Alaska for $70M

APA Corp Acquires Savant Alaska for $70M

APA Corporation (NASDAQ:APA) disclosed that it has entered into an agreement to acquire Savant Alaska, LLC for an upfront consideration of approximately $70 million, with additional contingent payments tied to the future development of the acquired eastern North Slope position. The announcement prompted APA shares to rise 3.9 % on the day of the release.

The transaction secures ownership of key midstream, pipeline, and field infrastructure adjacent to APA’s existing acreage. Included in the deal are the Badami facilities, which have a nameplate production capacity of roughly 40,000 barrels of oil per day, and the Nutaaq Pipeline, capable of transporting about 80,000 barrels of oil per day and providing access to the Trans‑Alaska Pipeline System. Through interests in the Badami and Grey Owl units, the acquisition adds approximately 1,500 barrels of oil per day of production.

In terms of land, the deal contributes roughly 104,000 gross acres to APA’s portfolio, bringing the company’s total gross acreage on Alaska’s eastern North Slope to about 487,000 acres. APA has also assumed operatorship of the existing joint venture with partners Lagniappe Alaska, LLC and Oil Search (Alaska), LLC—a subsidiary of Santos Limited.

APA plans to execute a two‑well drilling program during the 2026‑2027 winter season, consisting of one exploration well and one appraisal well, with the newly acquired infrastructure expected to support these activities and enhance future development flexibility.

The acquisition is slated to close by the end of 2026, subject to regulatory approval and customary closing conditions.