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APA Corporation (NASDAQ: APA) is a leading independent energy company engaged in the exploration, development, and production of natural gas, crude oil, and natural gas liquids. Headquartered in Houston, APA operates primarily in the United States, Egypt, the North Sea, and Suriname. As of year-end 2023, APA's proved reserves stood at 807 million barrels of oil equivalent, with a robust net daily production of 405 thousand barrels of oil equivalent, comprised mostly of oil and natural gas liquids.
The company's mission is to generate long-term growth and profitability for its shareholders by building and managing a portfolio that offers sustainable growth opportunities. Recent strategic moves include the acquisition of Callon Petroleum Company, which has significantly bolstered APA's position in the Delaware Basin, increasing its production capacity and enhancing operational efficiencies. APA Corporation now boasts a production tally of approximately 500,000 barrels of oil equivalent per day, with significant contributions from the Permian Basin.
APA’s ongoing commitment to sustainability and environmental stewardship is reflected in initiatives such as the Apache Corporation Tree Grant Program. Since its inception in 2005, the program has donated over 5 million trees, supporting large-scale conservation projects and enhancing public greenspaces.
In addition to its core business, APA has expanded its board with new appointments to further enhance its strategic and operational expertise. The latest additions, Matthew Bob and Anya Weaving, bring valuable insights from their extensive experience in the oil and gas sector.
Financially, APA has shown resilience and strategic acumen through several successful transactions, including the sale of non-core assets. These sales have generated substantial proceeds, aiding in debt reduction and further solidifying the company’s financial standing. Investors can stay updated with APA’s latest financial results, strategic initiatives, and market performance through regular company announcements, press releases, and operational updates available on APA’s official website.
For more information, visit APA Corporation's official website.
APA Corporation (Nasdaq: APA) provided supplemental financial and operational information for the fourth quarter of 2021. The company reported average realized prices of $76.00 per barrel for oil and $34.00 per barrel for NGL in the U.S., while international prices were $80.00 and $70.00, respectively. A realized loss on commodity derivatives was noted at $38 million, with dry hole costs estimated between $25-30 million. The weighted-average shares outstanding decreased to 361 million from 379 million in the previous quarter, following the repurchase of approximately 31.8 million shares at an average price of $27.13.
APA Corporation has signed a modernized Production Sharing Contract (PSC) with Egypt's Ministry of Petroleum, effective retroactively from April 1, 2021. This agreement consolidates 90% of gross production into a single concession and extends the lease terms for 20 years. The APA-Sinopec Joint Venture plans to double its Egypt rig count to 15 and invest approximately $235 million in 2022, with expected production growth of 13% to 15%. The agreement also allows for the recovery of $900 million in backlogged costs and includes a $100 million signature bonus.
APA Corporation (Nasdaq: APA) announced that the Egyptian Parliament approved its agreement to modernize and consolidate Production Sharing Contracts (PSCs) with Egypt's Ministry of Petroleum. This decision awaits ratification from President Abdel Fattah El-Sisi. The consolidation of concessions will simplify operations and is expected to enhance investment recovery. APA plans to increase drilling activity, having already raised its rig count to 11 in anticipation. The new PSC is projected to significantly impact production growth and strengthen Egypt's role as a regional energy hub.
APA Corporation announced successful flow testing at the Sapakara South appraisal well and drilling results from the Bonboni exploration well in offshore Suriname, where it holds a 50% working interest. The Sapakara South-1 well achieved a flow rate of 4,800 barrels of oil per day and has an estimated resource of 325 to 375 million barrels of oil in place. However, the Bonboni-1 well encountered insufficient resources to support commercial development and will be plugged. Future drilling includes the Krabdagu prospect, which may enhance development potential.
APA Corporation (Nasdaq: APA) announced its third-quarter 2021 results on Nov. 3, 2021. Detailed results are available on the company's website. A conference call to discuss these results is scheduled for Nov. 4 at 10 a.m. Central time, and will be accessible via webcast and telephone replay. APA Corporation operates in oil and gas exploration and production across the United States, Egypt, the UK, and Suriname.
APA Corporation has announced a significant increase in its quarterly cash dividend, raising it from 6.25 cents to 12.5 cents per share.
This adjustment translates to an annualized dividend of 50 cents per share, marking a 100% increase from the prior 25 cents. The dividend is set to be paid on February 22, 2022, to shareholders on record by January 21, 2022. CEO John J. Christmann IV expresses confidence in the company's cash flow generation amid a positive pricing environment.
APA Corporation reported its third-quarter 2021 financial and operational results on October 15, 2021. The company provided estimates for average realized prices: $70.00 for U.S. oil and $73.00 for international oil. NGL prices were $30.75 in the U.S. and $55.25 internationally, while natural gas was priced at $3.70 and $4.10, respectively. The company also projected Egypt tax barrels at 23-24 MBoe/d and stated a realized loss of $37 million on commodity derivatives. The third-quarter earnings call is scheduled for November 4, 2021.
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