Apache Inc. (APCA.US) is considering selling its oil and gas exploration assets in the Antrim Basin, in Texas and New Mexico, for a potential $1 billion, according to people familiar with the matter. The assets, which Apache owns through its subsidiary Apache, are being shopped by investment bankers at RBC Richardson Barr and Truist Securities, who are working to complete the process, said the people, who spoke on the condition of anonymity because the discussions are confidential.

RBC and Truist Securities did not comment.

Apart from the sale, Apache is seeking to restructure its business, focusing on shale and trying to reduce its $6.7 billion debt through asset sales. The exploration assets are spread across multiple sub-basins in the Antrim Basin, including the Northwest Shelf, the North Shelf and the central platform in New Mexico and Texas. The total daily production across those locations is more than 22,000 barrels of oil equivalent, of which about 60 percent is oil, the people said.

A spokesman for Apache said the company has been actively managing its investment portfolio but declined to comment on any specific transaction details. Patrick Cassidy, Apache’s chief communications officer, said: “As you can see, we’ve recently completed a number of transactions, including the acquisition of Callon Petroleum earlier this year, and divestitures of noncore assets.”

Apache said it plans to repay the $2 billion in debt it incurred from the Callon acquisition over the next three years. Earlier this year, Apache sold some noncore assets in the Permian and Eagle Ford basins for about $700 million.

The oil and gas industry is in a period of high transaction activity, with large energy producers actively acquiring to scale up and gain access to high-quality exploration acreage. For example, a major merger between Exxon Mobil (XOM.US) and Pioneer Natural Resources, valued at $60 billion, would significantly enhance Exxon Mobil’s business in the Antrim Basin and is expected to deliver higher operating efficiencies and environmental benefits; and ConocoPhillips (COP.US) announced it would acquire Marathon Oil (MRO.US) in a stock-for-stock deal worth $22.5 billion, including net debt of $5.4 billion.