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The board of directors of APA (Nasdaq: APA) has announced a regular cash dividend on its common shares.
The dividend is set at 25 cents per share and will be paid on August 22, 2024, to shareholders who are on record by July 22, 2024.
This declaration reflects APA's ongoing commitment to returning value to its shareholders.
On May 20, 2024, APA (Nasdaq: APA) announced the sale of non-core producing properties by Apache and its subsidiaries in two transactions totaling over $700 million. The properties collectively represent an estimated net production of 13,000 barrels of oil equivalent per day (Mboe/d) in Q1 2024, with over one-third being oil. The proceeds will primarily be used to reduce near-term borrowings. The sales are expected to close early in Q3 2024. The first transaction involves the sale of nearly 24,000 net royalty acres in the Midland Basin, producing approximately 2.0 Mboe/d. The second transaction includes 237,000 net acres in the East Texas Austin Chalk and Eagle Ford plays, producing around 11 Mboe/d.
Kinetik Holdings Inc. (NYSE: KNTK) announced a series of strategic transactions worth $1 billion, including the acquisition of Durango Permian for $765 million, the divestiture of its 16% interest in Gulf Coast Express pipeline for $540 million, and a new agreement in Eddy County, New Mexico. The acquisition expands processing capacity, doubles pipeline mileage, adds over 60 new customers, and enhances Kinetik's position in the Delaware Basin. The transactions are expected to be over 10% accretive to free cash flow per share starting in the second half of 2025. Kinetik aims to reinvest proceeds efficiently and accretively into strategic assets.
Kinetik Holdings Inc. (NYSE: KNTK) reported a strong first quarter in 2024 with a net income of $35.4 million, a 724% increase year-over-year, and Adjusted EBITDA of $233.6 million, a 25% increase year-over-year. The company achieved a quarterly gas processed volume of 1.53 Bcf/d, up 13% year-over-year. Key highlights include completion of amine treating projects, a long-term agreement with Infinium, and operational expansions in New Mexico. Financially, Kinetik executed a $150 million accounts receivable securitization facility and declared a cash dividend of $0.75 per share. Governance-wise, the company reduced emissions and appointed a new board member. The upcoming events include participation in several conferences.
Apache , a subsidiary of APA (Nasdaq: APA), has opened applications for the Apache Tree Grant Program for the 2024-2025 planting season. The program has donated over 5 million trees to U.S. partners and expanded internationally in Scotland. Grant recipients must be U.S.-based and located in states where Apache has oil and gas operations.
APA reported its first-quarter 2024 financial and operational results, with details available on their website. A conference call will be held on May 2 at 10 a.m. Central time to discuss the results.