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.
Kinetik Holdings Inc. (NYSE: KNTK) has announced that Todd Carpenter, General Counsel and Chief Compliance Officer, will retire from the company effective February 28, 2025. Mr. Carpenter will continue his current responsibilities and ensure a smooth transition until his retirement. After retiring, he will provide ongoing support to the company.
Kinetik has begun an internal and external search for Mr. Carpenter's successor and will announce the appointment in due course. Jamie Welch, Kinetik's President & Chief Executive Officer, praised Mr. Carpenter's almost 40-year legal career and his contributions to the company over the past seven years, expressing gratitude for his counsel, friendship, and dedicated service to Kinetik.
Palantir Technologies Inc. (NYSE: PLTR) and APA (NASDAQ: APA) have announced a multi-year, multi-million-dollar extension to their enterprise agreement originally signed in 2021. The partnership expansion introduces new artificial intelligence capabilities with Palantir's Artificial Intelligence Platform (AIP) software.
Over the past three years, Palantir has deployed its software across APA's global portfolio for various use-cases including operational planning, supply chain management, maintenance planning, production optimization, and contract management. The AIP software has enabled APA to improve production equipment reliability, optimize raw material logistics, and detect anomalies in contract and invoice documents.
The extended partnership aims to further enhance operational efficiency and business visibility across APA's global portfolio, with a focus on accelerating performance and cost management.
Diamondback Energy, Kinetik Holdings, and EPIC Midstream have announced transformative transactions for EPIC Crude Holdings. Key highlights include:
1. Diamondback and Kinetik acquired a 30% equity interest in EPIC Crude, now each owning 27.5%.
2. Diamondback increased its volume commitment to 200 MBpd.
3. Kinetik entered a new transportation arrangement with EPIC Crude.
4. Combined long-term volume commitments from partners represent over 33% of EPIC Crude's capacity.
5. EPIC Crude transports over 600 MBpd and has secured MVCs or contracts for ~90% of 2025 total volumes.
These actions aim to strengthen EPIC Crude's financial profile, reduce costs, and enhance returns. The company is positioned for potential expansion, with partners having an option for about one-third of the expansion capacity.
APA (Nasdaq: APA) has announced a regular cash dividend on its common shares. The board of directors declared a dividend of 25 cents per share, payable on November 22, 2024, to stockholders of record as of October 22, 2024. This decision demonstrates APA's commitment to returning value to shareholders and maintaining a consistent dividend policy. The announcement provides clarity on the upcoming dividend payment and relevant dates for investors to consider.
APA has announced the sale of non-core producing properties in the Permian Basin for $950 million. The properties, located in various areas of Texas and New Mexico, currently produce an estimated 21,000 barrels of oil equivalent per day, with 57% being oil. The transaction, expected to close in Q4 2024, will primarily use proceeds to reduce debt.
CEO John J. Christmann IV highlighted that this sale, along with other transactions, has high-graded and focused APA's U.S. asset base. The company has increased its onshore U.S. production by approximately 66,000 boe/d in 2024 without materially changing net debt levels compared to year-end 2023. Pro-forma Q4 U.S. production guidance is set at 307,000 boe/d, a 34% increase from Q4 2023.
Kinetik Holdings Inc. (NYSE: KNTK) has published its 2023 Sustainability Report, highlighting significant progress in environmental, safety, and sustainability initiatives. Key achievements include:
• 83% reduction in Total Recordable Incident Rate and zero lost time incidents
• 32% reduction in methane emissions intensity since 2021
• 14% reduction in greenhouse gas emissions intensity since 2021
• Formation of New Energy Ventures group to explore clean energy opportunities
• Partnership with Infinium for ultra low-carbon e-Fuels production
These accomplishments were achieved despite a 25% increase in natural gas volumes since 2021. The company implemented various technologies and programs to reduce emissions, including upgrading pneumatics, electrifying compression, and enhancing leak detection. Kinetik remains committed to fostering a culture of safety, environmental responsibility, and community engagement.
Kinetik Holdings Inc. (NYSE: KNTK) reported strong financial results for Q2 2024, with net income of $108.9 million, up 52% year-over-year, and Adjusted EBITDA of $234.4 million, a 13% increase. The company revised its 2024 Adjusted EBITDA guidance to $940-$980 million and Capital Expenditures guidance to $260-$300 million. Kinetik completed the acquisition of Durango Permian, and divested its 16% stake in Gulf Coast Express pipeline. The company sanctioned pre-FID work for Kings Landing II, doubling processing capacity. Kinetik processed 1.58 Bcf/d of natural gas in Q2, a 7% increase year-over-year. The company declared a quarterly dividend of $0.75 per share and achieved a leverage ratio of 3.4x.
APA (Nasdaq: APA) has released its financial and operational results for the second quarter of 2024. The company has made the detailed results available on its official website at www.apacorp.com or investor.apacorp.com. APA will host a conference call on August 1, 2024, at 10 a.m. Central time to discuss the results. Investors and interested parties can access the webcast link for the conference call on the company's website. Following the live discussion, a replay of the conference call will be accessible for one year on the 'Investors' page of APA's website.
APA has released its 2024 Sustainability Report, highlighting significant progress in Environmental, Social, and Governance (ESG) goals for 2023. The company achieved key milestones across its focus areas:
AIR: Exceeded methane reduction targets by converting over 2,800 pneumatic devices, published GHG emissions intensity targets linked to employee compensation, and joined the UN Oil and Gas Methane Partnership 2.0.
WATER: Surpassed the goal of recycling 50% of water used for U.S. onshore completions, achieving 61% and nearly doubling the percentage from 2022.
COMMUNITIES+PEOPLE: Recorded lowest-ever Total Recordable Incident Rate and Severe Incident Rate, introduced an employee recognition program, expanded the Tree Grant Program internationally, and initiated a medical care plan in Egypt.
Kinetik Holdings Inc. (NYSE: KNTK) has announced its second quarter dividend and financial results timing. The company declared a cash dividend of $0.75 per share ($3.00 annualized) for Q2 2024, payable on August 7, 2024, to shareholders of record as of July 29, 2024. Kinetik will host its Q2 2024 results conference call on August 8, 2024, at 8:00 am CDT, with the earnings release issued after market close on August 7, 2024.
The company has implemented a Dividend Reinvestment Plan (DRIP) open to all shareholders. Details of the Plan are available on Kinetik's website and in its SEC Form S-3 filing. Shareholders can register for the DRIP online or by contacting Broadridge Corporate Issuers, , the Plan Administrator.