New Mexico
APA to sell New Mexico Permian assets to Permian Resources for $608m
APA Corporation (APA) has agreed to sell its New Mexico Permian assets to Permian Resources Corporation for $608m, subject to customary closing adjustments.
The properties in question are forecasted to yield 12.4 million barrels of oil equivalent per day (boepd) for the full year 2025, with oil making up 46% of this production.
The transaction is due for completion towards the end of the second quarter (Q2).
The company plans to primarily allocate the proceeds from the sale towards reducing its debt.
APA CEO John J. Christmann IV said: “We remain committed to focusing our portfolio on core assets where we are actively investing for the long-term. The New Mexico package represents less than 5% of our Permian oil production and unconventional acreage.”
In its recent quarterly report, APA disclosed a production figure of 469,000boepd. However, when adjusted to exclude Egypt’s non-controlling interest and tax barrels, the production stood at 398,000boepd.
APA has also secured natural gas basis swap agreements for approximately two-thirds of its firm transport capacity from the Permian to the Gulf Coast, covering Q2–Q4 2025.
The company has updated its full-year 2025 guidance for income from third-party oil and gas marketing activities to $575m, factoring in these basis hedges.
APA has made strides in improving efficiencies and reducing activities, which will decrease its 2025 development capital by $150m. Additionally, a $25m cut in exploration capital is expected to safeguard free cash flow in the face of fluctuating commodity prices.
APA now anticipates total realised savings on controllable spend for 2025 to be $130m, significantly exceeding previous forecasts.
On a run-rate basis, the company has set a new target of $225m in savings by the end of the year, a substantial increase from the previously estimated range of $100m–125m.
The company reported a net income attributable to common stock of $347m, or $0.96 per diluted share. After adjustments for items affecting comparability of results, APA’s Q1 earnings were $385m, or $1.06 per diluted share.
The net cash provided by operating activities amounted to $1.1bn, with an adjusted EBITDAX (earnings before interest, depreciation, amortisation and exploration) of $1.5bn.
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The governor sets the agenda for the session, including for the budget, so here is what they are looking at so far.
SANTA FE, N.M. — As the regular session of the New Mexico Legislature is set to begin Jan. 20, lawmakers have already filed dozens of bills.
Bills include prohibiting book bans at public libraries and protections against AI, specifically the distribution of sensitive and “Deepfake” images
Juvenile justice reform is, again, a hot topic. House Bill 25 would allow access to someone’s juvenile records during a background check if they’re trying to buy a gun.
Gov. Michelle Lujan Grisham sets the agenda and puts forth the proposed budget lawmakers will address during the session. The governor is calling for lawmakers to take up an $11.3 billion budget for the 2027 fiscal year, which is up 4.6% from current spending levels.
Where would that money go? More than $600 million would go to universal free child care. Meanwhile, more than $200 million would go to health care and to protect against federal funding cuts.
There is also $65 million for statewide affordable housing initiatives and $19 million for public safety.
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