APA Corporation Provides First-Quarter 2022 Supplemental Information and Schedules Results Conference Call for May 5 at 10 a.m. Central Time
April 19 2022 - 5:00PM
APA Corporation (Nasdaq: APA) today provided supplemental
information regarding certain first-quarter 2022 financial and
operational results.
Supplemental quarterly informationTo further
assist analysts with their first-quarter earnings models, the
company is providing the following estimates:
Estimated Average Realized Prices – 1Q22 |
|
Oil (bbl) |
NGL (bbl) |
Natural Gas (Mcf) |
United States |
$96.00 |
$36.50 |
$4.20 |
International |
$103.00 |
$75.00 |
$5.20 |
Egypt tax barrels: |
47-48 MBoe/d |
Realized loss on commodity derivatives (before tax): |
$5 million |
Dry hole costs (before tax): |
$5-10 million |
First-quarter 2022 production guidance
updateInternational adjusted production is forecast to be
111 Mboe/d, compared to guidance of 115 Mboe/d, with the difference
attributable primarily to the production sharing contract impact of
higher oil prices in Egypt. Unplanned maintenance downtime on the
Forties Echo platform in the North Sea also impacted oil production
by approximately 1,000 barrels of oil per day.
U.S. production for the period is forecast to be 211 Mboe/d,
compared to guidance of 212 Mboe/d. The variance is attributable to
weather and third-party facility disruptions to gas and NGL
volumes, partially offset by better-than-expected oil volumes.
Weighted-average common shares
outstandingDuring the first-quarter 2022, the company
repurchased approximately 7.2 million shares of APA common stock at
an average price of $36.07 per share. The estimated
weighted-average basic common shares for the period is 346 million,
compared with 361 million for the fourth-quarter 2021.
Since Oct. 1, 2021, the company has repurchased 38.4 million
shares at an average price of $28.83.
During the first-quarter 2022, the company also retired
approximately $1.3 billion in outstanding notes and debentures.
First-quarter 2022 earnings callAPA Corporation
will host its first-quarter 2022 results conference call on
Thursday, May 5, at 10 a.m. Central time. The company will issue
its earnings release after the market close on Wednesday, May 4.
The full text of the release will be available on the company's
website at www.apacorp.com. The conference call will be webcast
from APA’s website at investor.apacorp.com, and the webcast replay
will be archived there as well. The conference call will also be
available for playback by telephone for one week beginning at
approximately 4 p.m. Central time, May 5. To access the telephone
playback, dial (855) 859-2056 or (404) 537-3406 for international
calls. The conference access code is 7382328.
About APAAPA 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. 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 statementsThis 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,”
“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, 2021, 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
Investor: |
|
(281) 302-2286 |
|
Gary Clark |
Media: |
|
(713) 296-7276 |
|
Alexandra Franceschi |
Website: |
|
www.apacorp.com |
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