APA Q1 2023 Earnings Report
Key Takeaways
APA Corporation reported a net income of $242 million, or $0.78 per diluted share, and an adjusted net income of $372 million, or $1.19 per diluted share, for the first quarter of 2023. The company generated $272 million in free cash flow and is reducing capital investment by $100 million due to lower Permian Basin natural gas prices.
Reported production of 394,000 barrels of oil equivalent (BOE) per day; adjusted production was 318,000 BOE per day.
Generated net cash from operating activities of $335 million, adjusted EBITDAX of $1.3 billion, and free cash flow (FCF) of $272 million.
Strong operational execution drove higher-than-expected 1Q adjusted oil production.
Announced reduction in 2023 capital investment by $100 million in response to lower Permian Basin natural gas prices; full-year capital budget now set at $1.9- to $2.0 billion.
APA
APA
APA Revenue by Geographic Location
Forward Guidance
APA is lowering full-year upstream capital investment guidance to $1.9- to $2.0 billion, with the entire $100 million decrease attributable to the reduction of lean gas activity in the Permian Basin. This change is not expected to have a material impact on 2023 U.S. production.