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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.
APA
APA
APA Revenue by Geographic Location
Revenue by Geographic Location
Egypt Revenue
CapyFin.comNorth Sea Revenue
CapyFin.com 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