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Dec 31, 2021
APA Q4 2021 Earnings Report
Announced financial and operational results for Q4 2021.
Key Takeaways
APA Corporation reported a net income of $382 million, or $1.05 per share, and an adjusted earnings of $468 million, or $1.29 per share. Net cash from operating activities was $1.1 billion and adjusted EBITDAX was $1.3 billion.
Reported production of 386,000 barrels of oil equivalent (BOE) per day; adjusted production was 331,000 BOE per day.
Net cash from operating activities was $1.1 billion and adjusted EBITDAX was $1.3 billion.
Initiated a 60% capital return framework for shareholders, raised dividend for the second time in 2021, and repurchased $847 million of stock.
Modernized production sharing contracts in Egypt, which will result in production and free cash flow uplift.
APA
APA
Forward Guidance
APA is expecting to generate approximately $6.5 billion of FCF over the next three years based on a WTI price of $78/barrel (3-year strip) and is budgeting 2022 upstream capital investment of $1.6 billion.
Positive Outlook
- Expecting to generate approximately $6.5 billion of FCF over the next three years based on a WTI price of $78/barrel (3-year strip).
- Budgeting 2022 upstream capital investment of $1.6 billion, of which $200 million is dedicated to exploration and appraisal activities, primarily in Suriname.
- Continuing to streamline portfolio; $805 million mineral rights sales package in the Delaware Basin to close by the end of February.
- Establishing new short-term incentive compensation-linked ESG goals for 2022 including reducing upstream routine flaring in Egypt by 40%.
- Introducing a long-term incentive compensation ESG goal to reduce carbon dioxide emissions by 1 million tonnes annually from projects by 2024.