Apache Corp. is in final discussions to buy Devon Energy Corp.'s assets in the shallow waters of the Gulf of Mexico for some $750 million, Dow Jones is reporting, citing people familiar with the deal.
According to the report, another Houston company, privately held Dynamic Offshore Resources LLC was also interested in the assets and could still try to bid on them at the last minute.
Last fall, Oklahoma City-based Devon (NYSE: DVN) announced an assets sale program, saying it would sell its international and Gulf of Mexico assets to focus on its onshore oil and gas fields in North America.
In March, Houston-based Apache (NYSE: APA) Chief Executive Officer Steven Farris said that the exploration and production firm has $2 billion to spend on projects and acquisitions and was seeking to buy assets internationally and in North America.
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