Apache to Buy Devon’s Gulf Assets for $1.05 Billion (Update1)

April 12 (Bloomberg) -- Apache Corp., the largest independent U.S. oil producer by market value, agreed to buy Devon Energy Corp.’s oil and gas assets on the Gulf of Mexico’s continental shelf for $1.05 billion.

The deal is expected to close by early June, Houston-based Apache said today in a statement. Apache plans to fund the acquisition from existing cash and commercial paper.

Devon, based in Oklahoma City, said Nov. 16 it plans to sell all its offshore and non-North American assets to focus on drilling onshore in the U.S. and Canada.

“Devon’s exit from the Gulf of Mexico creates a great opportunity for Apache to add one of the best remaining shelf- asset portfolios to our existing core area,â€