APA Corporation - APA STOCK NEWS

APA has released its 2024 Sustainability Report, highlighting significant progress in Environmental, Social, and Governance (ESG) goals for 2023. The company achieved key milestones across its focus areas:

AIR: Exceeded methane reduction targets by converting over 2,800 pneumatic devices, published GHG emissions intensity targets linked to employee compensation, and joined the UN Oil and Gas Methane Partnership 2.0.

WATER: Surpassed the goal of recycling 50% of water used for U.S. onshore completions, achieving 61% and nearly doubling the percentage from 2022.

COMMUNITIES+PEOPLE: Recorded lowest-ever Total Recordable Incident Rate and Severe Incident Rate, introduced an employee recognition program, expanded the Tree Grant Program internationally, and initiated a medical care plan in Egypt.

Kinetik Holdings Inc. (NYSE: KNTK) has announced its second quarter dividend and financial results timing. The company declared a cash dividend of $0.75 per share ($3.00 annualized) for Q2 2024, payable on August 7, 2024, to shareholders of record as of July 29, 2024. Kinetik will host its Q2 2024 results conference call on August 8, 2024, at 8:00 am CDT, with the earnings release issued after market close on August 7, 2024.

The company has implemented a Dividend Reinvestment Plan (DRIP) open to all shareholders. Details of the Plan are available on Kinetik's website and in its SEC Form S-3 filing. Shareholders can register for the DRIP online or by contacting Broadridge Corporate Issuers, , the Plan Administrator.

APA (Nasdaq: APA) has released supplemental information for second-quarter 2024 and scheduled a results conference call on August 1 at 10 a.m. Central Time. Estimated average realized prices for oil in the U.S. are $80.50 per barrel, while international prices are $84.00. APA curtailed 78 MMcf/d of U.S. natural gas production due to weak prices and reduced natural gas liquids by 7,600 barrels per day.

APA completed asset sales in the Midland Basin and East Texas earlier than expected, generating $660 million in proceeds. Transaction, reorganization, and separation costs reached $95 million, mainly due to the acquisition of Callon Petroleum. Depreciation, depletion, and amortization (DD&A) costs are estimated at $590 million. The weighted-average shares outstanding for Q2 are 371 million, up from 302 million in Q1, due to the Callon acquisition. The conference call will be webcast on APA's website.

Morgan Stanley Energy Partners has completed the sale of Durango Permian to Kinetik Holdings. The transaction includes a mix of cash and equity, with additional payments contingent on the success of Durango Permian’s Kings Landing Gas Gathering and Processing Development. Durango Permian, a top player in gas gathering and processing in the Permian Basin, has been under Morgan Stanley’s management and achieved significant growth in New Mexico. The deal enhances Kinetik’s presence in the region, promising operational synergies and future growth, especially with the Kings Landing project. Financial advisors for Durango Midstream included Greenhill & Co. and Wells Fargo Securities, with Sidley Austin LLP as legal counsel.

Kinetik Holdings (NYSE: KNTK) has completed its acquisition of Durango Permian's New Mexico Gathering and Processing System. This acquisition, funded through the divestiture of Kinetik's 16% equity interest in the Gulf Coast Express pipeline, significantly enhances Kinetik's presence in the Northern Delaware Basin. The transactions are immediately deleveraging, reducing the company's leverage ratio to 3.4 times. Updated 2024 guidance will be provided with the second quarter financial results release.

Kinetik Holdings (NYSE: KNTK) has completed the sale and transfer of its 16% equity stake in the Gulf Coast Express pipeline to an affiliate of ArcLight Capital Partners for $510 million upfront and an additional $30 million deferred cash payment contingent on a future capacity expansion project. The proceeds will be used for general corporate purposes, including acquiring Durango Permian and investing in a new 15-year gas gathering and processing agreement in Eddy County, New Mexico, which strengthens Kinetik’s operational presence in the region.

The board of directors of APA (Nasdaq: APA) has announced a regular cash dividend on its common shares.

The dividend is set at 25 cents per share and will be paid on August 22, 2024, to shareholders who are on record by July 22, 2024.

This declaration reflects APA's ongoing commitment to returning value to its shareholders.

On May 20, 2024, APA (Nasdaq: APA) announced the sale of non-core producing properties by Apache and its subsidiaries in two transactions totaling over $700 million. The properties collectively represent an estimated net production of 13,000 barrels of oil equivalent per day (Mboe/d) in Q1 2024, with over one-third being oil. The proceeds will primarily be used to reduce near-term borrowings. The sales are expected to close early in Q3 2024. The first transaction involves the sale of nearly 24,000 net royalty acres in the Midland Basin, producing approximately 2.0 Mboe/d. The second transaction includes 237,000 net acres in the East Texas Austin Chalk and Eagle Ford plays, producing around 11 Mboe/d.

Kinetik Holdings Inc. (NYSE: KNTK) announced a series of strategic transactions worth $1 billion, including the acquisition of Durango Permian for $765 million, the divestiture of its 16% interest in Gulf Coast Express pipeline for $540 million, and a new agreement in Eddy County, New Mexico. The acquisition expands processing capacity, doubles pipeline mileage, adds over 60 new customers, and enhances Kinetik's position in the Delaware Basin. The transactions are expected to be over 10% accretive to free cash flow per share starting in the second half of 2025. Kinetik aims to reinvest proceeds efficiently and accretively into strategic assets.