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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) disclosed its financial results for the fourth quarter and full year 2021. The results detail the company's performance in oil and natural gas exploration and production across various regions, including the United States, Egypt, and the UK. A conference call to discuss these results is scheduled for February 22 at 10 a.m. Central time, accessible via webcast and telephone replay. For further information, stakeholders can visit the company's website, where additional updates and investor-related topics are also posted.
APA Corporation announced a significant oil discovery at the Krabdagu-1 (KBD-1) exploration well in Block 58 offshore Suriname. The well, drilled to approximately 5,273 meters, encountered around 90 meters of net oil pay. APA holds a 50% working interest, alongside TotalEnergies. The discovery validates geological models and supports further exploration efforts in the area, aiming for a future Final Investment Decision (FID). TotalEnergies plans to conduct additional testing during the rig's stay to evaluate the resource potential and productivity of the reservoirs.
APA Corporation (Nasdaq: APA) has announced a cash dividend of 12.5 cents per share, payable on May 23, 2022, to stockholders of record by April 22, 2022. This dividend distribution reflects the company's commitment to returning value to its shareholders while maintaining operational activities in oil and gas exploration across the United States, Egypt, the United Kingdom, and offshore Suriname. The announcement underscores APA's ongoing efforts to support stockholder income and its confidence in future business performance.
APA Corporation (Nasdaq: APA) has appointed Retired Lieutenant General Charles Hooper to its board of directors, effective February 3, 2022. Hooper brings extensive experience from his 41-year military career, including leadership roles in security cooperation and foreign military sales. He will serve on the Corporate Responsibility, Governance, and Nominating Committee, as well as the Management Development and Compensation Committee. APA’s leadership believes Hooper's expertise will enhance the company's ability to address global energy needs responsibly.
APA Corporation will host its fourth-quarter 2021 financial results conference call on February 22, 2022, at 10 a.m. Central time. The earnings release will be available the prior day, February 21. Investors can access the call via the company’s website, with a telephone playback option available for one week post-call. APA operates in oil and gas exploration and production, with presence in the U.S., Egypt, the U.K., and offshore Suriname. For more details, visit www.apacorp.com.
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.
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