APA Q3 2024 Earnings Report
Key Takeaways
APA Corporation reported a net loss of $223 million, or $0.60 per diluted share, primarily due to non-cash impairments. However, adjusted earnings were $370 million, or $1.00 per diluted share. The company's adjusted EBITDAX was $1.6 billion. APA also announced the final investment decision for a major oil development project in Suriname and streamlined its Permian footprint.
Reported production of 467,000 BOE per day; adjusted production, excluding Egypt noncontrolling interest and tax barrels, was 395,000 BOE per day.
Announced final investment decision (FID) on 220,000 barrels per day oil development project in Suriname.
Streamlined Permian footprint with announcement of $950 million, non-core divestiture package.
Signed agreement that raises the contractual price for natural gas production in Egypt and incentivizes increased gas exploration and development activity.
APA
APA
APA Revenue by Geographic Location
Forward Guidance
The company expects total fourth-quarter production on a BOE basis will be the highest of the year despite ongoing curtailments in the Permian Basin in response to weak regional natural gas prices. APA’s upstream capital investment in the fourth quarter is expected to be approximately $645 million, which includes $80 million of incremental capital for Suriname, Alaska and Egypt.
Revenue & Expenses
Visualization of income flow from segment revenue to net income