APA Corp. disclosed a $805 million sale of mineral rights in the Delaware Basin alongside plans for additional pruning to its Permian portfolio.

Based in Houston, the independent E&P company holds a gross acreage position of 4.9 million acres in the Permian Basin primarily located in the Midland Basin, the Central Basin Platform/Northwest Shelf and the Delaware Basin. Last quarter, APA set a $500 million target of noncore U.S. asset sales that the company expected to mainly come out of its Permian Basin portfolio.

APA easily hit the $500 million noncore sales target with the recent agreement to sell a sizable chunk of mineral rights in the Delaware Basin, which the company disclosed in its fourth-quarter earnings announcement on Feb. 21.

“We said we’d sell a minimum of $500 million. Clearly, we’ve met that through the sale,” John J. Christmann IV, APA’s CEO and president, said on a call with analysts the next day, according to a transcript by Seeking Alpha.

Despite his views of meeting and exceeding that goal, Christmann added on the call that “there’s still opportunity out there for some potential additional pruning if we choose to do so.”

“You should anticipate continued noncore Permian asset sales,” he said.

The Delaware Basin mineral rights sales package is expected to close by the end of February, or within the next week, according to Christmann.

Further details about the sale have yet to be disclosed except that about 7,000 boe/d of production is lost due to the Delaware minerals package, noted CFO Stephen Riney on the company’s earnings call on Feb. 22.

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