APA Corporation Provides Second-Quarter 2024 Supplemental Information and Schedules Results Conference Call for August 1 at 10 a.m. Central Time

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[{"type":"text","content":"HOUSTON, July 11, 2024 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today provided supplemental information regarding certain second-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 second-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 second-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 second-quarter 2024. Estimated Average Realized Prices – 2Q24 Oil (bbl)NGL (bbl)Natural Gas (Mcf)United States$80.50$21.50$0.30International$84.00$43.00$4.00 Egypt tax barrels:38 MBoe/dRealized loss on commodity derivatives (before tax):$6 millionDry hole costs (before tax):~$55 millionNet gain on oil and gas purchases and sales (before tax): Includes gain on natural gas purchased and sold to Cheniere.$130 million * Dry hole cost represents $35 million of cost incurred for previously announced Alaskan exploration wells, and approximately $20 million associated with drilling in Egypt Production update APA curtailed approximately 78 MMcf/d of U.S. natural gas production in the second quarter in response to weak or negative Waha hub prices. APA also curtailed an estimated 7,600 barrels per day of natural gas liquids during the quarter, which were mostly associated with the voluntary gas curtailments. Previous second quarter guidance issued in May contemplated curtailments of ~50 MMcf/d of natural gas and ~5 Mb/d of NGLs. Asset sales update In May, APA announced agreements to divest non-core assets in the Midland Basin (primarily non-operated minerals) and East Texas (Austin Chalk / Eagle Ford). These sales packages closed in June, which was earlier than previously expected, resulting in an approximate 2.0 Mboe/d (30% oil), reduction to APA’s second quarter U.S. production. Aggregate net proceeds from the asset sales, after closing adjustments, were approximately $660 million. Transaction, reorganization and separation costs During the second quarter, APA incurred Transaction, Reorganizatio...

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