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APA Corporation Provides First-Quarter 2024 Supplemental Information and Schedules Results Conference Call for May 2 at 10 a.m. Central Time

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APA (APA) provided supplemental information on first-quarter 2024 financial and operational results. Estimated average realized prices, production updates, Alaska operations, share repurchase, and earnings call details were disclosed.
Positive
  • APA shared estimated average realized prices for oil, NGL, and natural gas in the US and internationally for 1Q24.
  • The company curtailed US natural gas and NGL production in response to weak prices at the Waha hub.
  • Alaska exploration operations are ongoing with updates expected before the first-quarter results.
  • APA's estimated weighted-average basic common shares for 1Q24 decreased compared to the previous quarter.
  • The company repurchased 3.0 million shares during the period.
  • APA will host an earnings call on May 2, 2024, to discuss its first-quarter results.
Negative
  • None.

HOUSTON, April 10, 2024 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today provided supplemental information regarding certain first-quarter 2024 financial and operational results. This information is intended only to provide additional information regarding current estimates management believes will affect results for the first-quarter 2024. It is provided to assist investors, analysts and others in formulating their own estimates, and is not intended to be a comprehensive presentation of all factors that will affect first-quarter 2024 results. Actual results and the impact of factors identified here may vary depending on the impact of other factors not identified here and are subject to finalization of the financial reporting process for first-quarter 2024.

Estimated Average Realized Prices – 1Q24
 Oil (bbl)NGL (bbl)Natural Gas (Mcf)
United States$77.00$25.00$1.40
International$83.00$49.00$3.80


Egypt tax barrels:37 MBoe/d 
Realized gain on commodity derivatives (before tax):$4 million
Dry hole costs (before tax):

    Primarily related to Egypt exploration
$22-27 million 
Net gain on oil and gas purchases and sales (before tax): 

   Includes gain on natural gas purchased and sold to Cheniere. 
$40 million 
General and administrative expense:   $95 million 
  

APA production update

APA curtailed approximately 35 MMcf/d of U.S. natural gas production in the first quarter, mostly during the month of March in response to weak or negative Waha hub prices. APA also curtailed an estimated 2,500 barrels per day of NGL’s during the quarter, which was primarily associated with the voluntary gas curtailments.

Alaska update

Alaska exploration operations and evaluation are ongoing. An update may be available prior to APA’s first quarter results.

Weighted-average shares outstanding

The estimated weighted-average basic common shares for the first quarter is 302 million, compared with a weighted average of 306 million shares in the fourth-quarter 2023. The company repurchased 3.0 million shares at an average price of $33.27 per share, during the period.

First-quarter 2024 earnings call

APA will host a conference call to discuss its first-quarter 2024 results at 10 a.m. Central time, Thursday, May 2. The conference call will be webcast from APA’s website at www.apacorp.com and investor.apacorp.com. Following the conference call, a replay will be available for one year on the “Investors” page of the company’s website.

About APA

APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in APA’s Form 10-K for the year ended December 31, 2023, and in our quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

Contacts

Investor:(281) 302-2286Gary Clark
Media:(713) 296-7276Alexandra Franceschi
Website:www.apacorp.com

APA-F


FAQ

What were the estimated average realized prices for oil, NGL, and natural gas in the US for 1Q24?

In the US, the estimated average realized prices for oil, NGL, and natural gas were $77.00, $25.00, and $1.40 per barrel (bbl) and Mcf respectively.

What production updates were provided by APA for the first quarter?

APA curtailed approximately 35 MMcf/d of US natural gas production and 2,500 barrels per day of NGL's in response to weak prices at the Waha hub.

What is the status of Alaska exploration operations?

Alaska exploration operations are ongoing, with updates expected before APA's first-quarter results.

How many shares did APA repurchase during the period?

APA repurchased 3.0 million shares at an average price of $33.27 per share.

When will APA host an earnings call to discuss its first-quarter 2024 results?

APA will host an earnings call on May 2, 2024, at 10 a.m. Central time to discuss its first-quarter results.

APA Corporation

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10.96B
300.23M
0.4%
69.01%
7.33%
Crude Petroleum and Natural Gas Extraction
Mining, Quarrying, and Oil and Gas Extraction
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United States of America
HOUSTON

About APA

apache corporation is an independent energy company that explores for, develops and produces natural gas, crude oil and natural gas liquids. our mission is to grow a profitable company for the long-term benefit of our shareholders by building a portfolio of core areas which provide long-term growth opportunities.