APA Corp. reports Q1 adjusted EPS 78c, consensus 94c

Reports Q1 revenue $1.95B, consensus $1.93B. Reported production of 389,000 barrels of oil equivalent per day; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 320,000 BOE per day. The company said, “Our drilling programs in the U.S. and Egypt performed well during the quarter. In the Permian Basin, where we are consistently delivering excellent results, we added scale and oil leverage with the recently closed Callon Petroleum Company acquisition. We are currently focused on integrating the Callon assets and have identified compelling opportunities to generate value across the acquired asset base through changes in planning and well design, drilling and completions, and many aspects of daily operations. Accordingly, we have increased our expected annual cost synergies from the transaction by 50% to $225 million.”