APA Corporation, listed on the Nasdaq under the symbol APA, recently disclosed its financial and operational outcomes for the third quarter of 2024. This report contains a detailed overview of the company’s performance during the period ended September 30, 2024.
In a press release dated November 6, 2024, APA Corporation shared significant highlights from the quarter. These included the reported production of 467,000 barrels of oil equivalent (BOE) per day, with adjusted production excluding Egypt noncontrolling interest and tax barrels at 395,000 BOE per day. Additionally, APA made noteworthy strides during the quarter, such as finalizing an investment decision on a 220,000 barrels per day oil project in Suriname, streamlining assets in the Permian Basin through a $950 million divestiture, enhancing the contractual gas price in Egypt, and returning $406 million of free cash flow to shareholders through dividends and buybacks year-to-date.
Following the third quarter, APA achieved a credit rating upgrade to BBB- from Standard & Poor’s and attained investment-grade recognition across all rating agencies. The company also reduced net debt by $275 million and disbursed $94 million to shareholders through dividends and share repurchases.
Looking ahead, APA projects robust production in the fourth quarter despite ongoing curtailments in the Permian Basin due to volatile natural gas prices. The company’s 2025 preliminary capital budget is set at $2.5 to $2.6 billion, with a significant allocation for development activities in Suriname and exploration in Alaska.
For more detailed financial and operational information, interested parties can access APA’s quarterly supplement available at www.apacorp.com/financialdata.
Investors and stakeholders can also access the full release, including quarterly financial statements, for further insights into APA Corporation’s performance during this period via the company’s official website.
Contact information for APA Corporation includes Investor Relations at (281) 302-2286 and Media Relations at (713) 296-7276.
The earnings report indicates a loss attributable to common stock of $223 million or $0.60 per diluted share, primarily due to non-cash asset impairments in the U.K. and assets for sale in the Permian Basin. Adjusted earnings for the quarter were $370 million, or $1.00 per diluted share, while net cash from operations stood at $1.3 billion, with adjusted EBITDAX at $1.6 billion.
As per the report, the company will host a conference call on Thursday, November 7, at 10 a.m. Central time to discuss the third-quarter 2024 results, which will be accessible via webcast on APA’s investor website.
APA Corporation, a Delaware-based entity, engages in oil and natural gas exploration and production in multiple regions, including the United States, Egypt, the United Kingdom, and offshore operations in Suriname.
ENDOFARTICLE
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read APA’s 8K filing here.
About APA
APA Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. It has oil and gas operations in the United States, Egypt, and North Sea. The company also has exploration and appraisal activities in Suriname, as well as holds interests in projects located in Uruguay and internationally.
Further Reading
- Five stocks we like better than APA
- What does consumer price index measure?
- Breakout Alert: Qualcomm Just Hit The Rally Button
- What Does a Gap Up Mean in Stocks? How to Play the Gap
- Mercado Libre Shares Go on Sale: Is Now the Time to Buy?
- What is a Stock Market Index and How Do You Use Them?
- Atlassian Is Up +60% in Three Months—What’s Causing the Rally?
