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Mar 31, 2022
APA Q1 2022 Earnings Report
APA's first-quarter results reflected the benefits of modernized production sharing contract in Egypt and demonstrated the strength of a diversified, unhedged upstream oil and gas portfolio.
Key Takeaways
APA Corporation reported a strong first-quarter 2022, with net income attributable to common stock of $1.9 billion, or $5.43 per diluted share. Adjusted earnings were $668 million, or $1.92 per diluted share. The company generated $675 million in free cash flow and expects to generate approximately $2.9 billion for the full year 2022.
Reported production of 404,000 barrels of oil equivalent (BOE) per day; adjusted production was 322,000 BOE per day.
Generated net cash from operating activities of $891 million, adjusted EBITDAX of $1.7 billion, and free cash flow of $675 million, up 39% from previous quarter.
Announced discovery at Krabdagu exploration well on Block 58 offshore Suriname and spud Rasper exploration well on Block 53.
Retired $1.3 billion of bonds and repurchased more than $260 million of APA shares.
Revenue by Geographic Location
Forward Guidance
APA is raising capital investment guidance for the full year by approximately 8%, to $1.725 billion, to support increased drilling activity in Suriname, as well as an expected increase in U.S. non-operated activity.
Positive Outlook
- Increased drilling activity in Suriname.
- Expected increase in U.S. non-operated activity.
- Committed to capital investment program.
- Committed to capital return framework.
- Anticipate an increase in share repurchases if the current commodity price environment sustains through the year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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