APA Q3 2022 Earnings Report
Key Takeaways
APA Corporation announced its Q3 2022 financial results, reporting a net income of $422 million, or $1.28 per diluted share. Adjusted earnings were $651 million, or $1.97 per diluted share. The company generated $1.104 billion in net cash from operating activities and $609 million in free cash flow.
Generated net cash from operating activities of $1.104 billion, adjusted EBITDAX of $1.690 billion, and free cash flow of $609 million for the quarter.
Reported production of 382,000 barrels of oil equivalent (BOE) per day; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 310,000 BOE per day.
Production in the U.S. exceeded expectations, driven by strong performance across the Permian Basin.
Announced a doubling of the quarterly dividend to an annualized rate of $1.00 per share.
APA
APA
Forward Guidance
APA's full-year capital investment guidance remains unchanged at $1.725 billion. The company expects fourth-quarter adjusted production to be in the range of 328,000 to 332,000 BOE per day, up more than 5% from the third quarter, with the increase expected to be driven by higher oil production across its assets.
Positive Outlook
- Fourth-quarter adjusted production to be in the range of 328,000 to 332,000 BOE per day.
- Production increase expected to be driven by higher oil production across its assets.
- Full-year capital investment guidance remains unchanged at $1.725 billion.
- Significant progress on its 2022 ESG goals, achieving an environmental target to reduce Egypt upstream routine flaring by at least 40% ahead of schedule.
- Company continues to implement new projects to eliminate at least 1 million tonnes of annualized CO2e emissions by year-end 2024.