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Dec 31, 2022
APA Q4 2022 Earnings Report
Announced fourth-quarter and full-year 2022 financial and operational results.
Key Takeaways
APA Corporation reported a net income attributable to common stock of $443 million, or $1.38 per share on a fully diluted basis for Q4 2022. Adjusted earnings were $476 million, or $1.48 per share. The company's reported fourth-quarter production was 414,000 BOE per day, with adjusted production at 334,000 BOE per day. Net cash provided by operating activities was $1.4 billion, and adjusted EBITDAX was $1.5 billion.
Delivered full-year net cash from operating activities of $4.9 billion, adjusted EBITDAX of $6.8 billion and $2.5 billion of free cash flow (FCF).
Returned $1.6 billion of FCF to shareholders and exceeded 60% capital return to shareholders commitment.
Reported fourth-quarter production was 414,000 BOE per day; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 334,000 BOE per day.
APA ended the year with strong performance in each of our operational areas
APA
APA
APA Revenue by Geographic Location
Revenue by Geographic Location
Egypt Revenue
CapyFin.comNorth Sea Revenue
CapyFin.com Forward Guidance
In 2023, APA plans to invest $2.0 to $2.1 billion in upstream oil and gas capital, which is consistent with the preliminary guidance provided in the third-quarter 2022. This capital investment level is expected to result in year-over-year adjusted BOE growth of 4 to 5%, underpinned by a more than 10% increase in oil volumes.
Positive Outlook
- Reiterating upstream capital budget of $2.0 to $2.1 billion.
- Expecting adjusted barrels of oil equivalent (BOE) growth of 4 to 5%, and oil growth of more than 10%.
- Substantial upside FCF potential from Cheniere gas sales contract commencing in third-quarter 2023.
- Committed to returning at least 60% of FCF to shareholders and strengthening the balance sheet.
- Continuing to appraise and explore Block 58 offshore Suriname.