Asset Sales And CurtailmentsAPA guided FY24 total production volumes lower due to previously announced $700 million in asset sales and curtailments on 90 MMcf/d of gas and 7.5 Mb/d of NGLs.
Production Guidance3Q24 production guidance of 388 mboe/d was approximately 7% below forecasts, driven by North Sea (Beryl turnaround) and additional onshore NGL/gas curtailments.
Stock PerformanceShares have meaningfully lagged peers year-to-date, with APA down 16% compared to XOP up 7%, though APA is still valued at a premium to peers on FCF/EV.