Insights from APA Corporation's Q3 2024 Financial Update
HOUSTON -- APA Corporation (Nasdaq: APA) has released key information regarding its third-quarter 2024 financial and operational results. This supplemental information serves as a guide for investors, analysts, and stakeholders to help them form their own estimates regarding the company's performance.
Understanding Estimated Prices for 3Q24
One essential aspect of APA's financial report highlights the estimated average realized prices for various energy products. For the third quarter of 2024, the company reported:
- Oil (bbl): The realized price in the United States was $76.25, while international prices reached $80.00.
- NGL (bbl): The company reported $20.75 in the U.S. and $45.75 internationally.
- Natural Gas (Mcf): U.S. prices stood at $0.15, with international rates at $3.30.
Key Production Updates
In response to fluctuating market conditions, APA Corporation curtailed approximately 103 million cubic feet per day (MMcf/d) of natural gas production in the U.S. due to weak Waha hub prices. Additionally, the company reduced its natural gas liquids production by about 10,000 barrels per day, mostly linked to voluntary gas curtailments, indicating strategic adjustments by the management to maintain operational efficiency.
Asset Sales and Future Plans
In a significant move, APA Corporation announced its intention to divest non-core assets in the Permian Basin for approximately $950 million. These assets are linked to a net production of roughly 21 MBOE/D, with 57% consisting of oil. This divestiture aligns with the company’s strategy to optimize production following the anticipated closure of the transaction in the fourth quarter.
Financial Metrics and Share Repurchases
Another critical update in the financial report includes the estimated weighted-average basic common shares, which stood at 370 million for the third quarter compared to 371 million from the previous quarter. Furthermore, during this quarter, APA repurchased 0.1 million shares at an average price of $29.32 each, reflecting a commitment to maintaining shareholder value.
Upcoming Third-Quarter Results Call
Mark your calendars for November 7, when APA Corporation will host a conference call at 10 a.m. Central Time to discuss the third-quarter 2024 results. This call will be available for streaming on the company’s official website, allowing stakeholders to gain further insights into the results and future plans.
About APA Corporation
APA Corporation actively explores and produces oil and gas in the United States and internationally, including operations in Egypt and the United Kingdom, as well as offshore exploratory ventures in Suriname. The company’s website serves as a resource for announcements, operational updates, and investor information.
Frequently Asked Questions
What is the purpose of APA Corporation’s supplemental information?
The supplemental information is designed to assist investors and analysts in understanding financial performance and operational results, aiding in their estimations.
When will the earnings call take place?
The earnings call is scheduled for November 7 at 10 a.m. Central Time.
What major asset sale did APA announce?
APA announced the divestiture of non-core assets in the Permian Basin for $950 million.
How much natural gas production did APA curtail in Q3 2024?
APA curtailed approximately 103 MMcf/d of U.S. natural gas production in the third quarter.
What was APA’s share repurchase activity in Q3 2024?
APA repurchased 0.1 million shares at an average price of $29.32 per share during the third quarter.