APA Corporation Provides Second-Quarter 2022 Supplemental Information and Schedules Results Conference Call for August 4 at 10 a.m. Central Time
July 18 2022 - 5:25PM
APA Corporation (Nasdaq: APA) today provided supplemental
information regarding certain second-quarter 2022 financial and
operational results.
Supplemental quarterly informationTo further
assist analysts with their second-quarter earnings models, the
company is providing the following estimates:
Estimated Average Realized Prices – 2Q22 |
|
Oil (bbl) |
NGL (bbl) |
Natural Gas (Mcf) |
United States |
$111.00 |
$40.00 |
$6.75 |
International |
$115.00 |
$72.00 |
$4.30 |
Egypt tax barrels: |
48-49 MBoe/d |
Realized loss on derivatives (before tax): |
$6 million |
Dry hole costs (before tax): |
$37-40 million |
Second-quarter 2022 production guidance
updateInternational adjusted production is forecast to be
105 Mboe/d, compared to guidance of 107 Mboe/d, with the primary
variances attributable to the impact of strong Brent oil prices on
Egypt PSC volumes and lower gas production in Egypt. This was
partially offset by higher production in the North Sea due to a
shift in the timing of planned maintenance at the Beryl Field.
U.S. production for the period is forecast to be 200 Mboe/d,
compared to guidance of 206 Mboe/d. Approximately 4 Mboe/d of the
variance is attributable to non-recurring prior period adjustments,
primarily related to the performance of non-operated wells. The
remainder is associated with mixed production results from certain
Austin Chalk wells placed on production during the quarter.
Weighted-average common shares outstanding, share
buybacks, and debt paid down
During the second-quarter 2022, the company repurchased 7.0
million shares of APA common stock at an average price of $41.60
per share. The estimated weighted-average basic common shares for
the period is 341 million, compared with 346 million for the
first-quarter 2022.
From July 1 through July 15, the company repurchased an
additional 6.9 million shares of APA common stock, at an average
price of $33.87 per share. Since Oct. 1, 2021, the company has
repurchased 52.3 million shares at an average price of $31.19.
During the second-quarter 2022, the company also paid down $605
million on its revolving credit facility, ending the period with
$275 million on the revolver.
Second-quarter 2022 earnings call
APA will host a conference call to discuss its second-quarter
2022 results at 10 a.m. Central time, Thursday, August 4. 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 gas in the United States, Egypt and the United
Kingdom and that explore for oil and gas offshore Suriname. APA
posts announcements, operational updates, investor information and
press releases on its website, www.apacorp.com. Specific
information concerning 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,” “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) 296-7189 |
Castlen Kennedy |
Website: |
www.apacorp.com |
|
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