(MENAFN) Apache Corp announced a drop of 10 percent in its profit during the first quarter, reaching USD698 million, reported Reuters.
The oil and gas producer attributed the decline to a fall in prices of crude oil and natural gas liquids from a year earlier.
The company, which plans to divest USD4 billion in assets by the end of 2013, said that it will allocate nearly USD2 billion of the asset sale to lower debt and improve financial flexibility.
Meanwhile, the rest will be used to buyback 30 million shares.
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