(APA Corp., 9.Oct.2024) — APA Corporation provided supplemental information regarding certain third-quarter 2024 (3Q:24) financial and operational results.
This information is intended only to provide additional information regarding current estimates management believes will affect results for the 3Q:24. It is provided to assist investors, analysts and others in formulating their own estimates, and is not intended to be a comprehensive presentation of all factors that will affect third-quarter 2024 results.
Actual results and the impact of factors identified here may vary depending on the impact of other factors not identified here and are subject to finalization of the financial reporting process for 3Q:24.
Production update
APA curtailed approximately 103 MMcf/d of U.S. natural gas production in the 3Q:24 in response to weak or negative Waha hub prices. APA also curtailed an estimated 10,000 barrels per day of natural gas liquids during the quarter, which were mostly associated with the voluntary gas curtailments. Previous 3Q:24 guidance issued in Jul. contemplated curtailments of ~90 MMcf/d of natural gas and ~7,500 barrels per day of NGLs.
Asset sales update
In Sep., APA announced an agreement to divest non-core assets in the Permian Basin for $950mn, prior to customary closing adjustments. At the time of the announcement, these properties had an estimated net production of ~21 Mboe/d (57% oil). 4Q:24 guidance issued with the divestiture announcement removed production from the pending divestiture for the entirety of the 4Q:24, though the transaction is not expected to close until later in the 4Q:24.
Weighted-average shares outstanding
The estimated weighted-average basic common shares for the third quarter is 370 million, compared with a weighted average of 371 million shares in the 2Q:24. APA repurchased 0.1 million shares at an average price of $29.32 per share during the 3Q:24.
Third-quarter 2024 earnings call
APA will host a conference call to discuss its 3Q:24 results at 10 a.m. Central time, 7 Nov. 2024. The conference call will be webcast from APA’s website at www.apacorp.com and investor.apacorp.com. Following the conference call, a replay will be available for one year on the “Investors” page of the company’s website.
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