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Mar 31, 2024
APA Q1 2024 Earnings Report
APA Corporation's financial performance was announced for Q1 2024, revealing a mix of operational successes and strategic advancements.
Key Takeaways
APA Corporation reported a net income of $132 million, or $0.44 per diluted share, for the first quarter of 2024. Adjusted earnings were $237 million, or $0.78 per diluted share. The company generated $368 million in net cash from operating activities and $1.24 billion in adjusted EBITDAX. Key highlights include strong Permian performance, the Callon Petroleum Company acquisition, and a high-quality oil discovery in Alaska.
Reported production of 389,000 BOE per day; adjusted production was 320,000 BOE per day.
Generated net cash from operating activities of $368 million, and adjusted EBITDAX of $1.24 billion.
Returned $176 million to shareholders through dividends and share buybacks.
Completed acquisition of Callon Petroleum Company and increased expected annual cost synergies by 50% to $225 million.
Revenue by Geographic Location
Forward Guidance
Following the completion of the Callon acquisition, APA is providing revised full-year 2024 guidance. In 2024, APA plans to invest $2.7 billion in upstream oil and gas capital and expects to average approximately 10 rigs for the remainder of this year in the U.S.
Positive Outlook
- Significant progress in the integration process of Callon acquisition.
- Compelling opportunities for value from the acquisition are in future capital efficiencies.
- Impact of the company’s increased oil exposure.
- Plans to invest $2.7 billion in upstream oil and gas capital in 2024.
- Expects to average approximately 10 rigs for the remainder of this year in the U.S.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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