[Dow Jones] Apache Corp.'s (APA) acquisition of some BP PLC's (BP) assets for $7 billion will be initially dilutive, but the company is well positioned to create additional value from the purchase in the long term, says Tudor Pickering Holt & Co. BP agreed to sell to Apache its Permian Basin assets in Texas and southeastern New Mexico, as well as its western Canada natural-gas exploration and production assets. The deal also includes the Western Desert business concessions and East Badr El-din exploration concession in Egypt. The deal is likely to reduce Apache's earnings per share but it would work "in long-term considering Apache's track record of scratching out additional value from acquisitions," Tudor, Pickering says. Apache's shares are trading 72 cents down to $87.56, while BP's U.S.-listed shares are 3.49% up to $36.43. Contact us in Houston at 713-547-2907 or isabel.ordonez@dowjones.com. (END) Dow Jones Newswires July 21, 2010 09:46 ET (13:46 GMT)