APA Corp. plans to reduce capital to $2.5B-$2.6B in 2025

In 2025, as a result of a softer oil price outlook, APA plans to reduce capital to $2.5B to $2.6B, of which, $200M is allocated to Suriname development activity and $100M to other exploration, primarily in Alaska. At this investment level, the company expects to run an eight-rig program in the Permian Basin and a 12-rig program in Egypt, which includes one rig dedicated to natural gas following the signing of a new gas pricing agreement. The company expects this program will roughly sustain adjusted oil production in the U.S. and Egypt, while delivering mid-single digit adjusted BOE growth.