APA Corporation (NASDAQ: APA) announced an agreement to acquire Savant Alaska, LLC for approximately $70 million in upfront consideration, plus additional contingent payments tied to future development of the company's eastern North Slope position in Alaska.

The acquisition includes the Badami facilities with production capacity of approximately 40,000 barrels of oil per day, along with supporting infrastructure including accommodation facilities, a grind-and-inject system, barge landing and wharf facilities, runway access, and gravel resources. APA is also acquiring the Nutaaq Pipeline, which has capacity of approximately 80,000 barrels of oil per day and provides access to the Trans-Alaska Pipeline System.

The transaction adds approximately 104,000 gross acres to APA's Alaska position and approximately 1,500 barrels of oil per day of production through interests in the Badami and Grey Owl units. Following the acquisition, APA's position on Alaska's eastern North Slope will total approximately 487,000 gross acres.

"The acquisition of Savant secures control of strategic infrastructure adjacent to our eastern North Slope acreage, enhancing our ability to execute our planned drilling program efficiently," said John J. Christmann IV, APA CEO.

APA has assumed operatorship of the existing joint venture with partners Lagniappe Alaska, LLC and Oil Search (Alaska), LLC, a subsidiary of Santos Limited. The company plans to conduct a two-well drilling program during the 2026-2027 winter season, consisting of one exploration well and one appraisal well.

The transaction is expected to close by year-end 2026, subject to regulatory approval and customary closing conditions, according to the company's press release statement.