APA Corp. ( (APA) ) has released its Q3 earnings. Here is a breakdown of the information APA Corp. presented to its investors.
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APA Corporation is a prominent company engaged in the exploration and production of oil and natural gas, operating across the United States, Egypt, the United Kingdom, and offshore Suriname, known for its substantial global footprint and commitment to energy production. In its third-quarter 2024 earnings report, APA Corporation revealed significant developments, including a reported loss driven by asset impairments but showcased strong operational performance and strategic initiatives. The company achieved a production level of 467,000 barrels of oil equivalent per day, with adjusted figures at 395,000 BOE per day, surpassing guidance expectations. Key highlights include the final investment decision on a major oil development project in Suriname, a strategic divestiture in the Permian Basin, and an enhanced pricing agreement for natural gas in Egypt. Financially, despite reporting a net loss attributable to common stock of $223 million, APA’s adjusted earnings stood at $370 million, with an adjusted EBITDAX of $1.6 billion, reflecting robust cash flow and operational resilience. Looking ahead, APA Corporation anticipates increased production in the fourth quarter and plans to adjust its capital expenditures in 2025 in response to a softer oil price outlook, aiming for sustained production growth.
