APA Corporation Provides Third-Quarter 2023 Supplemental Information and Schedules Results Conference Call for Nov. 2 at 10 a.m. Central Time
October 05 2023 - 5:54PM
APA Corporation (Nasdaq: APA) today provided supplemental
information regarding certain third-quarter 2023 financial and
operational results. This information is intended only to provide
additional information regarding current estimates management
believes will affect results for the third-quarter 2023. It is
provided to assist investors, analysts, and others in formulating
their own estimates, and is not intended to be a comprehensive
presentation of all factors that will affect third-quarter 2023
results. Actual results and the impact of factors identified here
may vary depending on the impact of other factors not identified
here and are subject to finalization of the financial reporting
process for third-quarter 2023.
Estimated Average Realized Prices – 3Q23 |
|
Oil (bbl) |
NGL (bbl) |
Natural Gas (Mcf) |
United States |
$82.00 |
$21.50 |
$2.00 |
International |
$88.00 |
$50.00 |
$4.25 |
Egypt tax barrels: |
39 MBoe/d |
Realized gain on commodity derivatives (before tax): |
$19 million |
Dry hole costs (before tax): |
$15-20 million |
Net gain on oil and gas purchases and sales (before
tax): Includes gain on natural gas purchased and sold to
Cheniere under a contract that commenced Aug. 1 |
$17 million |
General and Administrative Expense*: |
$145 million |
* G&A increase relative to 3Q guidance is primarily the
result of accruals associated with the increase in APA’s stock
price during the quarter
Third-Quarter production commentary
Total Adjusted Production and Adjusted Oil Production are
expected to be in the upper half of the company’s guidance range,
with performance driven primarily by strength in Permian oil and UK
North Sea volumes. Egypt gross oil production was approximately 145
thousand barrels per day, slightly below the company’s guidance for
the quarter.
Fourth-Quarter outlook commentary
Production in the UK North Sea is expected to decrease by 10% to
15% from the third quarter, due to unscheduled compressor motor
repairs, which will require platform downtime through the end of
the year.
Weighted-average shares outstanding
The estimated weighted-average basic common shares outstanding
for the third quarter is 308 million. The company repurchased
approximately 475,000 shares at an average price of $41.89 per
share, during the period.
Third-quarter 2023 earnings call
APA will host a conference call to discuss its third-quarter
2023 results at 10 a.m. Central time, Thursday, Nov. 2. The
conference call will be webcast from APA’s website at
www.apacorp.com and investor.apacorp.com. Following the conference
call, a replay will be available for one year on the “Investors”
page of the company’s website.
About APA
APA Corporation owns consolidated subsidiaries that explore for
and produce oil and natural gas in the United States, Egypt and the
United Kingdom and that explore for oil and natural gas offshore
Suriname and in the Dominican Republic. APA posts announcements,
operational updates, investor information and press releases on its
website, www.apacorp.com. Additional details regarding Suriname,
ESG performance and other investor-related topics are posted at
investor.apacorp.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements can be identified by words such as “anticipates,”
“intends,” “plans,” “seeks,” “believes,” “continues,” “could,”
“estimates,” “expects,” “goals,” “guidance,” “may,” “might,”
“outlook,” “possibly,” “potential,” “projects,” “prospects,”
“should,” “will,” “would,” and similar references to future
periods, but the absence of these words does not mean that a
statement is not forward-looking. These statements include, but are
not limited to, statements about future plans, expectations, and
objectives for operations, including statements about our capital
plans, drilling plans, production expectations, asset sales, and
monetizations. While forward-looking statements are based on
assumptions and analyses made by us that we believe to be
reasonable under the circumstances, whether actual results and
developments will meet our expectations and predictions depend on a
number of risks and uncertainties which could cause our actual
results, performance, and financial condition to differ materially
from our expectations. See “Risk Factors” in APA’s Form 10-K for
the year ended December 31, 2022, and in our quarterly reports on
Form 10-Q, filed with the Securities and Exchange Commission for a
discussion of risk factors that affect our business. Any
forward-looking statement made in this news release speaks only as
of the date on which it is made. Factors or events that could cause
our actual results to differ may emerge from time to time, and it
is not possible for us to predict all of them. APA and its
subsidiaries undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future development or otherwise, except as may be required by
law.
Contacts |
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Investor: |
(281) 302-2286 |
|
Gary Clark |
Media: |
(713) 296-7276 |
|
Alexandra Franceschi |
Media: |
www.apacorp.com |
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