APA Corporation reports developments from an independent oil and gas exploration and production business with consolidated subsidiaries operating in the United States, Egypt and the United Kingdom, and exploration activity offshore Suriname and elsewhere. Company news commonly covers financial and operating results, production trends, realized prices for oil, natural gas liquids and natural gas, capital spending, cost initiatives and commodity-price effects on U.S. natural gas and NGL activity.
Recurring updates also include common-stock dividends, debt and shareholder-return commentary, conference-call materials, supplemental operating data and listing matters. The company’s disclosures link operating performance to its upstream asset base, including U.S. oil activity, international production and offshore exploration programs.
APA Corporation (Nasdaq: APA) announced an agreement with Egypt’s Ministry of Petroleum and Mineral Resources and Egyptian General Petroleum Corporation to modernize Egypt’s petroleum sector. The new Production Sharing Contract (PSC) consolidates major concessions in Egypt’s Western Desert, accounting for over 90% of the company's production in the region. This agreement aims to enhance investment, operational governance, and sustainability projects while facilitating cost recovery and increasing drilling activities. The PSC requires approvals from the Egyptian government and Parliament.
APA Corporation (Nasdaq: APA) provided supplemental financial results for Q1 2021, including average realized prices: U.S. oil at $57.00/bbl and international oil at $61.00/bbl. The company reported a realized gain of $148 million on commodity derivatives and a total adjusted production guidance of 324 Mboe/d, with U.S. production up to 208 Mboe/d. However, international production dropped to 116 Mboe/d due to contract effects and maintenance downtime. APA will host a Q1 earnings call on May 6, 2021, to discuss these results further.
APA Corporation (Nasdaq: APA) has appointed Tracey K. Henderson as the new Senior Vice President of Exploration. Henderson comes from Kosmos Energy, where she was the Chief Exploration Officer and played a significant role in major discoveries, including the Jubilee Field in Ghana and several natural gas projects offshore Mauritania and Senegal. CEO John J. Christmann IV expressed enthusiasm about Henderson's global experience and technical expertise, highlighting her potential impact on recent discoveries offshore Suriname. This appointment follows a previously announced search for the exploration head.
APA Corporation and Total S.A. announced updates on the Keskesi East-1 discovery well offshore Suriname. The well encountered significant pressure increases, prompting a halt in drilling before reaching deeper targets. While hydrocarbons were found in shallower intervals, specific information about deeper targets remains unclear. APA transferred operatorship of Block 58 to Total, holding a 50% interest. This operational update impacts future drilling strategies but does not provide immediate production details.
HOUSTON, March 1, 2021 - APA Corporation (Nasdaq: APA) has completed its transition to a holding company structure, making APA the parent company of Apache Corporation. Each share of Apache stock has converted to a share of APA stock on a one-for-one basis. This reorganization, designed to be tax-free for shareholders, aims to modernize the operating structure and enhance financial flexibility. APA also acquired subsidiaries in Suriname and the Dominican Republic from Apache. The new common stock of APA will start trading on March 2, 2021.
Apache Corporation announced its fourth-quarter and full-year 2020 results on February 24, 2021. The results can be accessed on their website. A conference call is scheduled for February 25 at 10 a.m. Central time to discuss these results, which will be available for playback afterward. Apache operates in the U.S., Egypt, and the U.K., with exploration activities offshore Suriname. For further information, announcements, and investor updates, stakeholders can visit Apache’s official websites.
Apache Corporation (Nasdaq: APA) has appointed Lamar McKay to its board of directors, enhancing its leadership with over 40 years of experience in the oil and gas industry. McKay served as BP's chief transition officer until December 2020 and held key roles including deputy CEO and head of BP's worldwide upstream business. Chairman John Lowe expressed confidence in McKay's ability to contribute to Apache's mission of meeting global energy needs responsibly.
Apache Corporation (Nasdaq: APA) has announced a cash dividend of 2.5 cents per share on its common stock. This dividend is scheduled for payment on May 21, 2021, to shareholders of record as of April 22, 2021. The company operates in the oil and gas sector, with activities in the United States, Egypt, the United Kingdom, and offshore Suriname.
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Apache Corporation announced its fourth-quarter 2020 financial results, providing estimates for analysts. The estimated average realized prices were $41.00 per barrel of oil, $14.50 for NGL, and $1.70 for natural gas in the United States, while international prices were $44.50, $33.50, and $3.20, respectively. The company recorded a realized loss of $16 million on commodity derivatives and unrealized gains of $14 million. Additionally, dry hole costs were projected at $57-60 million. The earnings call is scheduled for February 25, 2021, after the earnings release on February 24.