Apa Corporation
APA Corporation Reports Third-Quarter 2024 Financial Results and Operational Highlights
Summary
APA Corporation reported a loss attributable to common stockholders of $223 million, or $0.60 per diluted share, for the third quarter of 2023, primarily driven by non-cash impairments in the U.K. and assets held for sale in the Permian Basin. Adjusted earnings were $370 million, or $1.00 per diluted share. Third-quarter production was 467,000 barrels of oil equivalent (BOE) per day, slightly ahead of guidance. The company returned $94 million to shareholders through dividends and share buybacks and has improved its credit rating to BBB- with investment-grade status at all three rating agencies. APA also announced an important milestone with the final investment decision on a $220,000 barrels per day oil development project in Suriname and streamlined its Permian footprint with a $950 million non-core divestiture package.
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About Apa Corporation
Apa Corporation is an exploration and production company primarily focused on the discovery and development of oil and natural gas. The company's activities encompass a range of energy sectors, including upstream exploration, extraction, and production. Apa Corporation holds significant operations in key regions such as the United States, specifically the Permian Basin and other prolific oil and gas zones, as well as international locations including Egypt and the North Sea. Its strategic portfolio encompasses both conventional and unconventional resources, providing a diversified energy footprint. Apa Corporation plays a vital role in the energy market by supplying raw materials crucial for electricity generation, transportation, and industrial applications. With a focus on innovation and efficiency, the company invests in advanced technologies to optimize exploration and production processes while aiming for sustainable development practices. Apa Corporation thus contributes significantly to global energy supply chains, impacting industries reliant on fossil fuels and driving economic activities in the regions where it operates.
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