In This Article:
HOUSTON, Oct. 09, 2024 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today provided supplemental information regarding certain third-quarter 2024 financial and operational results. This information is intended only to provide additional information regarding current estimates management believes will affect results for the third-quarter 2024. 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 third-quarter 2024.
| Estimated Average Realized Prices – 3Q24 | ||||||
|
| Oil (bbl) | NGL (bbl) | Natural Gas (Mcf) | |||
| United States | $76.25 | $20.75 | $0.15 | |||
| International | $80.00 | $45.75 | $3.30 | |||
| Egypt tax barrels: | 35 MBoe/d |
| Realized gain on commodity derivatives (before tax): | $3 million |
| Dry hole costs (before tax): | $10-$15 million |
| Net gain on oil and gas purchases and sales (before tax): | $178 million |
| General and Administrative Expense: | $100 million |
Production update
APA curtailed approximately 103 MMcf/d of U.S. natural gas production in the third quarter 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 third quarter guidance issued in July contemplated curtailments of ~90 MMcf/d of natural gas and ~7,500 barrels per day of NGLs.
Asset sales update
In September, APA announced an agreement to divest non-core assets in the Permian Basin for $950 million, prior to customary closing adjustments. At the time of the announcement, these properties had an estimated net production of ~21 MBOE/D (57% oil). Fourth-quarter guidance issued with the divestiture announcement removed production from the pending divestiture for the entirety of the fourth quarter, though the transaction is not expected to close until later in the fourth quarter.
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 second-quarter 2024. APA repurchased 0.1 million shares at an average price of $29.32 per share during the third quarter.
Third-quarter 2024 earnings call
APA will host a conference call to discuss its third-quarter 2024 results at 10 a.m. Central time, Thursday, November 7. 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.