APA Corporation Provides Fourth-Quarter 2023 Supplemental Information and Schedules Results Conference Call for Feb. 22 at 10 a.m. Central Time

Rhea-AI Summary

APA Corporation (Nasdaq: APA) provided supplemental information on its fourth-quarter 2023 financial and operational results. Estimated average realized prices for oil, NGL, and natural gas were disclosed, along with other financial details. The company also announced a decrease in general and administrative expenses, repurchased shares, and provided year-end 2023 balance sheet items. APA will host an earnings call on February 22, 2024, to discuss the results.

HOUSTON, Jan. 23, 2024 (GLOBE NEWSWIRE) --  APA Corporation (Nasdaq: APA) today provided supplemental information regarding certain fourth-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 fourth-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 fourth-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 fourth-quarter 2023.

Estimated Average Realized Prices – 4Q23
	Oil (bbl)		NGL (bbl)		Natural Gas (Mcf)
United States	$79.00		$20.00		$1.60
International	$83.00		$48.00		$4.50

Egypt tax barrels:	39 MBoe/d
Realized gain on commodity derivatives (before tax):	$5 million
Dry hole costs (before tax):	$21 million
Net gain on oil and gas purchases and sales (before tax):  Includes gain on natural gas purchased and sold to Cheniere.	$98 million
General and Administrative Expense	$70 million

* G&A decrease relative to 4Q guidance is primarily the result of mark-to-market impacts on share-based compensation accruals associated with changes in APA’s stock price during the quarter.

Weighted-average shares outstanding

The estimated weighted-average basic common shares for the fourth quarter is 306.2 million, compared with a weighted average of 308 million shares in the third-quarter 2023. The company repurchased 3.2 million shares at an average price of $37.63 per share, during the period.

Year-end 2023 balance sheet items 

On Dec. 31, 2023, APA’s net debt was $5.1 billion, down $389 million from the end of the third quarter 2023.

Fourth-quarter 2023 earnings call

APA will host a conference call to discuss its fourth-quarter 2023 results at 10 a.m. Central time, Thursday, Feb. 22. 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. 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

Investor:        (281) 302-2286        Gary Clark
Media:        (713) 296-7276        Alexandra Franceschi                        
Website:        www.apacorp.com

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FAQ

What is the ticker symbol for APA Corporation?

The ticker symbol for APA Corporation is APA on the Nasdaq.

What are the estimated average realized prices for oil, NGL, and natural gas in the fourth quarter of 2023?

The estimated average realized prices for oil, NGL, and natural gas in the fourth quarter of 2023 were provided as $79.00, $20.00, and $1.60 respectively in the United States, and $83.00, $48.00, and $4.50 respectively internationally.

What is the net debt of APA Corporation as of December 31, 2023?

APA Corporation's net debt was $5.1 billion as of December 31, 2023, down $389 million from the end of the third quarter 2023.

When will APA Corporation host its fourth-quarter 2023 earnings call?

APA Corporation will host a conference call to discuss its fourth-quarter 2023 results at 10 a.m. Central time, Thursday, February 22. The call will be webcast from APA’s website at www.apacorp.com and investor.apacorp.com.