Skip to content

APA · APA

18 filings

10-Q

APA 10-Q Quarterly Reports

APA - 18 quarterly reports

Filing record · 2021–202610-K510-Q188-K64

2026-Q3
APA Quarterly Report for Q3 Ended Sep 30, 2026
APA Corporation reported a strong third quarter and first nine months of 2026, with net income attributable to common stock significantly increasing year-over-year. This improvement was primarily driven by higher oil revenues due to stronger crude oil price realizations. The company also benefited from improved margins on third-party purchased oil and gas activity and successful cost-saving initiatives, which contributed to a decrease in overall operating expenses for the nine-month period. Operationally, APA saw a 5% increase in daily production from its U.S. assets, which now account for 65% of its worldwide production. The company continues to focus on its Permian Basin development program and has secured additional acreage in Alaska. Financially, APA demonstrated strong cash flow from operations and used it to repay a significant amount of debt, while also returning capital to shareholders through dividends and share repurchases. The company's liquidity remains robust, supported by substantial committed borrowing capacity.
Nov 5, 2026
2026-Q2
APA Quarterly Report for Q2 Ended Jun 30, 2026
APA Corporation (APA) reported net income attributable to common stock of $747 million, or $2.11 per diluted share, for the second quarter of 2026, compared with $603 million, or $1.67 per diluted share, in the second quarter of 2025. For the first six months of 2026, net income attributable to common stock was $1.19 billion, or $3.37 per diluted share, versus $950 million, or $2.62 per diluted share, a year earlier. The filing attributes the improvement primarily to higher oil revenues on stronger crude oil price realizations, improved margins on third-party purchased oil and gas activity, and lower operating expenses from prior-year cost savings. Average realized oil prices rose to $98.24 per barrel in the quarter from $65.58, while natural gas realizations fell to $0.60 per Mcf from $2.28 amid negative Permian Basin gas pricing. Worldwide production declined to 409,959 boe per day from 465,078 boe per day. Cash flow from operations was $2.3 billion for the first six months of 2026, essentially flat year over year. Total debt fell to $3.7 billion at June 30, 2026, from $4.49 billion at December 31, 2025, after several notes were repaid or redeemed in 2026, and cash stood at $444 million. The company repurchased about $100 million of stock in the first half and paid $177 million in common dividends. Management expects to invest about $2.1 billion in upstream capital in 2026 and has raised its annualized cost savings target to $500 million by year-end 2026. The filing also flags several items for investors, including an EPA draft Administrative Penalty Assessment under the Clean Air Act tied to Permian Basin facilities, ongoing litigation over the sold Australian operations and Delaware climate suit, and a contingent liability of $847 million for decommissioning obligations on sold Gulf of America properties. Separately, APA agreed to acquire Savant Alaska, LLC for about $70 million upfront and entered a strategic partnership with Eni in offshore Uruguay Block 6.
Aug 6, 2026
2026-Q1
APA Quarterly Report for Q1 Ended Mar 31, 2026
APA Corporation (APA) reported first-quarter 2026 net income attributable to common stock of $446 million, or $1.26 per diluted share, compared with $347 million, or $0.96 per diluted share, in the first quarter of 2025. Total revenues were $2.33 billion versus $2.64 billion a year earlier, and the company attributed the earnings increase primarily to improved margins on third-party purchased oil and gas activity and lower operating expenses from prior cost-savings initiatives. Derivative instrument losses of $113 million partly offset these gains. Cash flow weakened considerably. Net cash provided by operating activities was $554 million, versus $1.10 billion in the prior-year quarter, which the company attributed mainly to the collection of Egypt receivables in 2025 and timing of working capital items. Capital spending on upstream oil and gas property was $542 million, down from $777 million, and the company plans approximately $2.1 billion of upstream capital investment in 2026. Cash and cash equivalents fell to $293 million, and total debt was $4.4 billion at March 31, 2026, with $132 million of notes coming due within the next year. The filing also highlights production declines and commodity price dynamics. Worldwide production averaged 442,352 boe per day, down 6% from the prior year, with U.S. natural gas revenues turning negative due to Permian Basin pricing. Ongoing legal matters include the Quadrant litigation in Australia and a Delaware climate suit, and the company disclosed a $878 million contingent liability tied to Legacy Gulf of America decommissioning obligations. Subsequent to quarter-end, APA redeemed $425 million of notes in April 2026 and repaid $132 million of maturing notes on April 15, 2026.
May 7, 2026
2025-Q3
APA Quarterly Report for Q3 Ended Sep 30, 2025
APA Corporation (APA) reported net income attributable to common stock of $205 million, or $0.57 per diluted share, for the third quarter of 2025, compared with a net loss of $223 million, or $0.60 per diluted share, in the third quarter of 2024. For the first nine months of 2025, net income attributable to common stock was $1,155 million, or $3.20 per diluted share, versus $450 million, or $1.29 per diluted share, a year earlier. The filing attributes the year-over-year improvement mainly to $1.1 billion of impairments recorded in the prior-year period, along with lower operating expenses from cost-reduction efforts. Total revenues were $2,115 million for the quarter, down from $2,531 million, and oil, natural gas, and NGL production revenues were $1,804 million, down from $2,058 million. Cash generation and balance sheet metrics improved. Net cash provided by operating activities was $3,737 million for the first nine months of 2025, compared with $2,584 million in the prior-year period. The company exited the quarter with total debt of $4,488 million, down from $6,044 million at December 31, 2024, and cash of $475 million. During the nine months, APA repurchased 10.2 million shares for $215 million and paid $271 million in common dividends. Third-quarter oil realizations averaged $67.43 per barrel, down from $78.06, while natural gas realizations averaged $2.25 per Mcf, up from $1.43. Full-year 2025 upstream capital investment is expected to be $2.3 billion to $2.4 billion. The filing also highlights several items of note: a $147 million gain on extinguishment of debt in the first nine months of 2025 from Apache indenture debt repurchases, a $285 million gain on divestitures, a $76 million first-quarter deferred tax expense from UK tax law changes, and the resolution of the Louisiana coastal zone litigation and the Apollo Exploration lawsuit. The Company's Egypt operations are subject to a one-third noncontrolling interest held by Sinopec, and the Company has recorded $1.0 billion in contingent liabilities for decommissioning obligations on previously sold Gulf of America properties.
Nov 6, 2025
2025-Q2
APA Quarterly Report for Q2 Ended Jun 30, 2025
APA Corporation (APA) reported net income attributable to common stock of $603 million, or $1.67 per diluted share, for the second quarter of 2025, compared with $541 million, or $1.46 per diluted share, in the second quarter of 2024. For the first six months of 2025, net income attributable to common stock was $950 million, or $2.62 per diluted share, versus $673 million, or $2.00 per diluted share, a year earlier. Total revenues for the quarter were $2.18 billion, down from $2.54 billion, with the decline driven primarily by lower commodity prices; realized crude oil prices averaged $65.58 per barrel versus $82.28 per barrel in the prior-year quarter. Results were supported by unrealized gains on commodity derivatives and cost reductions. Cash generation was strong in the first half of 2025, with net cash provided by operating activities of $2.28 billion, compared with $1.25 billion in the prior-year period, which the filing attributes primarily to the timing of working capital items. The company reduced total debt to $4.55 billion at June 30, 2025 from $6.04 billion at December 31, 2024, and repurchased 7.1 million shares for $150 million in the first six months. Dividends paid to APA common stockholders totaled $181 million in the same period. The company sold all of its New Mexico Permian assets in the second quarter for total cash consideration of $573 million, recognizing a gain of $282 million, with proceeds used primarily for debt reduction. For full-year 2025, APA expects upstream capital investment of approximately $2.3 billion to $2.4 billion, and it plans to reduce its Permian rig count from eight to six. The company also disclosed ongoing litigation and contingent decommissioning liabilities tied to sold Gulf of America properties, with contingent liabilities recorded at $1.0 billion.
Aug 7, 2025
2025-Q1
APA Quarterly Report for Q1 Ended Mar 31, 2025
APA Corporation (APA) reported first-quarter 2025 net income attributable to common stock of $347 million, or $0.96 per diluted share, compared with $132 million, or $0.44 per diluted share, in the first quarter of 2024. Total revenues were $2.64 billion, up from $1.95 billion. The increase was primarily driven by increased production from Permian Basin drilling coupled with the Callon merger, as well as gains on extinguishment of debt, partially offset by higher depreciation, depletion, and amortization and higher income tax expense. Net cash provided by operating activities was $1.1 billion, compared with $368 million a year earlier. The company reduced its debt during the quarter. Long-term debt ended the quarter at about $5.2 billion, down $754 million from year-end 2024. Cash and cash equivalents fell to $67 million from $625 million at December 31, 2024. APA repaid the $900 million term loan in full, and it settled Apache indenture debt exchange and tender offers, with a $135 million gain recognized on the tender purchases and a total gain on extinguishment of debt of $142 million. The company repurchased 4.4 million shares for approximately $100 million and paid $91 million in common dividends. Upstream capital additions were $777 million, and the company expects full-year 2025 upstream capital investment of $2.2 billion to $2.3 billion. Subsequent to quarter-end, in May 2025, APA agreed to sell non-core Permian Basin assets and leasehold, representing a full exit from New Mexico, for $608 million in cash, with proceeds intended primarily for debt reduction. The company also announced a cost reduction initiative targeting over $350 million in annualized savings by the end of 2027. The company recorded a $76 million deferred tax expense from U.K. Finance Act 2025 remeasurement, and it continues to carry $1.0 billion in contingent liabilities for decommissioning of Legacy Gulf of America assets.
May 8, 2025
2024-Q3
APA Quarterly Report for Q3 Ended Sep 30, 2024
APA Corporation (filed under APA Corporation; the filing is its Form 10-Q for the quarter ended September 30, 2024) reported a third-quarter 2024 net loss attributable to common stock of $223 million, or $0.60 per diluted share, compared with net income of $459 million, or $1.49 per diluted share, in the third quarter of 2023. The decline was driven by $1.1 billion of impairments, including $793 million on North Sea oil and gas properties, a $315 million impairment of Permian Basin assets held for sale, and $3 million of North Sea inventory impairments. For the first nine months of 2024, net income attributable to common stock was $450 million, or $1.29 per diluted share, versus $1.1 billion, or $3.50 per diluted share, a year earlier. Operating cash flow strengthened, with net cash provided by operating activities of $2.6 billion for the first nine months of 2024, up from $2.1 billion, driven by higher Permian Basin volumes, production from the acquired Callon properties and working capital timing. The April 1, 2024 all-stock acquisition of Callon Petroleum Company, valued at approximately $4.5 billion including debt, added about 120,000 net Delaware Basin acres and 25,000 net Midland Basin acres. Total debt rose to $6.4 billion at September 30, 2024, from $5.2 billion at year-end 2023, and the company announced an agreement to sell non-core Permian Basin properties for $950 million, with closing expected in the fourth quarter of 2024. The company also said it will cease production in the North Sea before 2030 because expected returns do not support investments required under new regulations, and it disclosed a $188 million asset for expected reimbursement from security tied to Gulf of Mexico decommissioning costs, against contingent liabilities of $853 million. Shareholders received a quarterly dividend of $0.25 per share, and 0.1 million shares were repurchased in the quarter, leaving authorization for 39.3 million shares.
Nov 7, 2024
2024-Q2
APA Quarterly Report for Q2 Ended Jun 30, 2024
APA Corporation (formerly Apache Corporation's parent, filed as APA Corporation) reported second-quarter 2024 net income attributable to common stock of $541 million, or $1.46 per diluted share, compared with $381 million, or $1.23 per diluted share, in the second quarter of 2023. For the first six months of 2024, net income attributable to common stock was $673 million, or $2.00 per diluted share, versus $623 million, or $2.01 per diluted share, a year earlier. Results were lifted by higher production from the Callon Petroleum acquisition, completed April 1, 2024 in an all-stock transaction valued at approximately $4.5 billion including Callon's debt, along with increased Permian drilling and $276 million of second-quarter net divestiture gains. Partially offsetting these were higher depreciation, transaction and reorganization costs, and lease operating expenses. Cash generation was steady but working-capital driven: net cash provided by operating activities was $1.2 billion for the first six months of 2024, down $90 million from the prior-year period. The company invested $1.2 billion in upstream oil and gas property additions, raised $1.5 billion under a term loan to refinance Callon debt, and received $729 million from asset divestitures and $428 million from the sale of its remaining Kinetik shares. Total debt rose to $6.7 billion from $5.2 billion at year-end 2023, and cash and equivalents were $160 million at June 30, 2024. The company revised its full-year 2024 upstream capital investment estimate to approximately $2.7 billion following the Callon acquisition. The filing also highlights ongoing contingent exposures. Contingent liabilities for decommissioning Legacy Gulf of Mexico assets totaled $862 million at June 30, 2024, after surety-related disputes and BSEE orders, and the company recorded a $187 million asset for expected reimbursement from related security. Egyptian receivables from EGPC are being collected late, though management expects full collection. Shareholder returns continued, with $168 million of dividends and $144 million of share repurchases in the first half of 2024, and 39.4 million shares remaining under repurchase authorization at June 30, 2024.
Aug 2, 2024
2024-Q1
APA Quarterly Report for Q1 Ended Mar 31, 2024
APA Corporation reported first-quarter 2024 net income attributable to common stock of $132 million, or $0.44 per diluted share, compared with $242 million, or $0.78 per diluted share, in the first quarter of 2023. Results were primarily impacted by higher depreciation, depletion, and amortization ($430 million versus $332 million), higher exploration expense driven by dry hole costs ($148 million versus $52 million), and a $66 million loss on previously sold Gulf of Mexico properties, partially offset by lower deferred income tax expense. Total revenues were $1.95 billion, versus $2.01 billion a year earlier. Net cash provided by operating activities rose to $368 million from $335 million, which the company attributes primarily to the timing of working capital items. The filing describes the April 1, 2024 completion of the all-stock acquisition of Callon Petroleum Company, valued at approximately $4.5 billion including Callon's debt, with APA issuing approximately 70 million shares. APA funded the refinancing of Callon debt with $1.5 billion of senior unsecured term loans and borrowings under its USD credit facility. Following the acquisition, the company revised its full-year 2024 estimated upstream capital investment to approximately $2.7 billion. During the quarter, APA sold its remaining Kinetik shares for $428 million and repurchased 3.0 million shares for $101 million while paying $76 million in common dividends. Balance sheet figures show total debt of $5.18 billion and cash of $102 million at March 31, 2024. The filing also discloses ongoing exposure to legacy Gulf of Mexico decommissioning obligations, with contingent liabilities of $847 million, and the Egyptian receivable collection delays tied to a U.S. dollar shortage in Egypt.
May 2, 2024
2023-Q3
APA Quarterly Report for Q3 Ended Sep 30, 2023
APA Corporation reported net income attributable to common stock of $459 million, or $1.49 per diluted share, for the third quarter of 2023, compared with $422 million, or $1.28 per diluted share, in the third quarter of 2022. For the first nine months of 2023, net income attributable to common stock was $1.1 billion, or $3.50 per diluted share, versus $3.2 billion, or $9.51 per diluted share, a year earlier. Results were pressured by significantly lower realized commodity prices: average oil realizations were $80.50 per barrel for the nine months versus $103.81, and natural gas realizations were $2.91 per Mcf versus $5.31. The first nine months of 2022 also included roughly $1.2 billion of transaction gains from the Delaware Basin mineral rights sale and the BCP Business Combination. Operating cash flow for the first nine months of 2023 was $2.1 billion, down $1.4 billion year over year, and the company repurchased 5.5 million shares for $208 million while paying $232 million in dividends. Cash and cash equivalents were $95 million at September 30, 2023, and total debt was $5.6 billion, with $768 million drawn on the USD revolving credit facility. The company expects full-year 2023 upstream capital investment of approximately $2 billion and has suspended new drilling in the North Sea. Filing also details a potential liability of $695 million to $895 million (undiscounted) for decommissioning Legacy Gulf of Mexico assets, of which $695 million is recorded as a contingent liability, and a pending dispute with Egypt's EGPC over delayed receipts.
Nov 2, 2023
2023-Q2
APA Quarterly Report for Q2 Ended Jun 30, 2023
APA Corporation (formerly Apache Corporation's parent, filing under the name APA Corporation) reported net income attributable to common stock of $381 million, or $1.23 per diluted share, for the second quarter of 2023, compared with $926 million, or $2.71 per diluted share, in the second quarter of 2022. Management attributed the decline to significantly lower realized commodity prices. Oil, natural gas, and NGL production revenues were $1.65 billion for the quarter, versus $2.53 billion a year earlier, and net cash provided by operating activities for the first six months of 2023 was $1.3 billion, down $1.1 billion from the prior-year period. The company reduced its planned full-year 2023 upstream capital investment to approximately $1.9 billion. It deferred additional drilling and completion activity at Alpine High due to weak Waha natural gas and NGL prices and suspended all new drilling in the North Sea during the second quarter, citing rising cost and tax burdens. In the North Sea, a $46 million impairment was recorded on drilling and operations equipment inventory. The first quarter of 2023 also included a $174 million deferred tax expense from the UK Energy Profits Levy increase to 35 percent. Capital returns continued, with 5 million shares repurchased for $188 million and $155 million in common dividends paid in the first six months of 2023. Total debt was $5.6 billion at June 30, 2023, against cash of $142 million. The filing also discloses contingent exposure of $922 million to $1.1 billion (undiscounted) for decommissioning Legacy Gulf of Mexico assets sold to Fieldwood, for which a $922 million liability has been recorded, and notes that sureties filed suit on June 21, 2023 to prevent Apache from drawing on bonds and letters of credit.
Aug 3, 2023
2023-Q1
APA Quarterly Report for Q1 Ended Mar 31, 2023
APA Corporation reported net income attributable to common stock of $242 million, or $0.78 per diluted share, for the quarter ended March 31, 2023, compared with $1.88 billion, or $5.43 per diluted share, in the first quarter of 2022. The prior-year quarter included approximately $1.2 billion of transaction gains from divesting non-core Delaware Basin mineral rights and completing the BCP Business Combination. Total revenues were $2.01 billion versus $2.67 billion, and oil, natural gas, and NGL production revenues fell to $1.77 billion from $2.32 billion, reflecting a 22 percent decrease in average realized oil prices to $78.37 per barrel. Net cash provided by operating activities was $335 million, down $556 million from the prior-year quarter, and cash on hand was $154 million at March 31, 2023. Capital allocation remained focused on shareholder returns and development. The company repurchased 3.7 million shares for $142 million and paid $78 million in dividends. Upstream capital additions were $543 million, up from $358 million, and the company averaged 26 drilling rigs during the quarter. Management reduced planned Alpine High activity in response to weak Waha natural gas prices, lowering full-year upstream capital by approximately $100 million to a range of $1.9 billion to $2.0 billion. Total debt rose to $5.8 billion, driven by $983 million of borrowings under the USD revolving credit facility. The filing also highlights significant contingent exposures. Apache recorded a $1.1 billion contingent liability for potential decommissioning obligations on Legacy Gulf of Mexico assets sold to Fieldwood, after GOM Shelf notified BSEE it was unable to fund certain decommissioning, and the potential liability range is $1.1 billion to $1.3 billion on an undiscounted basis. The first-quarter results also included a $174 million deferred tax expense from UK Energy Profits Levy changes that increased the levy rate from 25 percent to 35 percent.
May 4, 2023
2022-Q3
APA Quarterly Report for Q3 Ended Sep 30, 2022
APA Corporation (formerly Apache Corporation's successor issuer, filed under the APA name) reported net income attributable to common stock of $422 million, or $1.28 per diluted share, for the quarter ended September 30, 2022, compared with a net loss of $113 million, or $0.30 per diluted share, in the third quarter of 2021. Management attributed the improvement to higher revenues from a new merged concession agreement in Egypt and higher commodity prices. For the first nine months of 2022, net income attributable to common stock was $3.23 billion, or $9.51 per diluted share, and oil, natural gas, and NGL production revenues were $7.15 billion, compared with $4.63 billion a year earlier. Operating cash flow for the nine months was $3.53 billion, and cash and cash equivalents were $268 million at quarter end. The nine-month results were boosted by non-recurring items, including a $1.18 billion gain on divestitures (driven by a roughly $560 million gain on sale of Delaware Basin mineral rights and a $609 million gain on the deconsolidation of Altus Midstream) and a $230 million U.K. deferred tax charge tied to the Energy (Oil and Gas) Profits Levy Act 2022. Total debt fell to $5.5 billion from $7.5 billion at year-end 2021, largely through the Altus deconsolidation and debt retirements. The company repurchased 24.0 million shares for $884 million in the first nine months, and its quarterly dividend was raised to $0.25 per share. The filing also flags material contingencies. The company has recorded a $1.2 billion contingent liability for potential decommissioning of Legacy Gulf of Mexico assets sold to Fieldwood, against an estimated range of $1.2 billion to $1.4 billion, and it has agreed to provide a standby loan of up to $400 million to GOM Shelf. Management believes the company has sufficient resources to meet cash requirements over the next twelve months and beyond.
Nov 3, 2022
2022-Q2
APA Quarterly Report for Q2 Ended Jun 30, 2022
APA Corporation (formerly Apache Corporation, which became APA's predecessor through a March 1, 2021 holding company reorganization) reported net income attributable to common stock of $926 million, or $2.71 per diluted share, for the second quarter of 2022, compared with $316 million, or $0.82 per diluted share, in the second quarter of 2021. For the six months ended June 30, 2022, net income attributable to common stock was $2.81 billion, or $8.15 per diluted share, versus $704 million, or $1.86 per diluted share, a year earlier. The company attributed the higher second-quarter results to a new merged concession agreement in Egypt and higher commodity prices. Total oil, natural gas, and NGL production revenues were $2.53 billion for the quarter, versus $1.51 billion a year earlier, and the average realized oil price rose to $113.79 per barrel from $66.40. During the first half of 2022, APA generated $2.4 billion of operating cash flow, and it reduced debt and redeemable preferred interests through the deconsolidation of Altus Midstream and the retirement of Apache notes and debentures. Total debt was $5.3 billion at June 30, 2022, down from $7.5 billion at December 31, 2021 in the balance sheet, and cash was $282 million. The company repurchased 14.2 million shares for $552 million in the first six months and paid $86 million in common dividends. The Altus deconsolidation followed the BCP Business Combination on February 22, 2022, which produced a $609 million gain and left APA with an equity-method stake in Kinetik Holdings. Investors should also note several risks disclosed in the filing: a contingent liability of $1.2 billion recorded for potential decommissioning of Legacy Gulf of Mexico assets, with an estimated range of $1.2 billion to $1.4 billion; an expected third-quarter 2022 deferred tax expense of approximately $230 million to $250 million from the U.K. Energy Profits Levy; and multiple pending litigation matters, none of which management considers material. Full-year 2022 estimated upstream capital is about $1.725 billion.
Aug 4, 2022
2022-Q1
APA Quarterly Report for Q1 Ended Mar 31, 2022
APA Corporation (formerly Apache Corporation, which became APA's predecessor through a March 1, 2021 holding company reorganization) reported first-quarter 2022 net income attributable to common stock of $1.88 billion, or $5.43 per diluted share, compared with $388 million, or $1.02 per diluted share, in the first quarter of 2021. Results benefited from higher revenue tied to a new merged concession agreement in Egypt, significantly higher commodity prices, and a $1.2 billion gain on asset divestitures, including a $609 million gain on the deconsolidation of Altus Midstream and a $590 million gain on the sale of non-core Delaware Basin mineral rights. Oil, natural gas, and NGL production revenues rose to $2.32 billion from $1.43 billion, and average realized oil prices were $100.23 per barrel versus $59.62 a year earlier. Cash generation and balance sheet actions were significant. Operating cash flow was $891 million, versus $671 million in the prior-year quarter, and the company ended the quarter with $234 million in cash. Total debt fell to $5.89 billion from $7.51 billion at year-end 2021, reflected in $1.37 billion of payments on Apache fixed-rate debt, and the company repurchased 7.2 million shares for $261 million. Total equity moved to $852 million from a deficit of $717 million at year-end. The company expects full-year 2022 upstream capital of about $1.7 billion. Investors should also note contingent exposure tied to decommissioning obligations on Gulf of Mexico properties sold by Apache. The company has recorded a $1.2 billion contingent liability for these obligations after the operator GOM Shelf notified BSEE it could not fund certain decommissioning, and Apache may be ordered to perform the work. In April 2022, the company replaced its former $4.0 billion credit facility with two new five-year revolving facilities, a US$1.8 billion USD agreement and a £1.5 billion GBP agreement, both maturing in April 2027.
May 5, 2022
2021-Q3
APA Quarterly Report for Q3 Ended Sep 30, 2021
APA Corporation reported a third-quarter 2021 net loss attributable to common stock of $113 million, or $0.30 per diluted share, compared with a net loss of $4 million in the third quarter of 2020. The loss was driven primarily by a non-cash $446 million loss on previously sold Gulf of Mexico properties. Third-quarter total revenues rose to $2.06 billion from $1.12 billion, and oil, natural gas, and NGL production revenues were $1.69 billion, up from $1.05 billion. Daily production fell 13 percent to 389 Mboe/d, and the company cited higher realized prices as the main driver of revenue growth. For the first nine months of 2021, APA reported net income attributable to common stock of $591 million, or $1.53 per diluted share, versus a net loss of $4.87 billion in the prior-year period, which included $4.49 billion of impairments. Net cash provided by operating activities was $2.41 billion, compared with $890 million a year earlier. The company reduced total debt by $1.4 billion since year-end 2020, ended the quarter with $377 million of cash, and reported total debt of $7.4 billion and a total deficit of $150 million. Management raised its capital program to sustain or slightly grow production and said it plans to return a minimum of 60 percent of free cash flow to shareholders. The quarterly dividend was increased from $0.025 to $0.0625 per share in the third quarter and to $0.125 in the fourth quarter. The filing also describes a decommissioning contingency of $1.2 billion for Legacy Gulf of Mexico assets sold to Fieldwood, with a potential liability range of $1.2 billion to $1.4 billion on an undiscounted basis, and an announced combination of Altus Midstream with BCP Raptor Holdco, in which APA would own approximately 20 percent of the combined entity.
Nov 5, 2021
2021-Q2
APA Quarterly Report for Q2 Ended Jun 30, 2021
APA Corporation (formerly Apache Corporation's successor issuer, filing as APA Corporation) reported net income attributable to common stock of $316 million, or $0.82 per diluted share, for the second quarter of 2021, compared with a loss of $386 million, or $1.02 per diluted share, in the second quarter of 2020. For the first six months of 2021, net income attributable to common stock was $704 million, versus a loss of $4.87 billion in the prior-year period, which included $4.49 billion of impairments. The filing attributes the improvement primarily to significantly higher commodity prices: average realized oil prices rose to $66.40 per barrel in the second quarter from $25.77, and daily production fell 9 percent to 395 Mboe/d. Cash generation strengthened materially. Net cash provided by operating activities was $1.64 billion for the first six months of 2021, compared with $586 million a year earlier, and cash and cash equivalents ended the quarter at $1.25 billion, up from $262 million at December 31, 2020. Total equity improved to a positive $76 million from a deficit of $645 million at year-end 2020. Total debt was $8.6 billion, and the company made no share repurchases in the first half of 2021. Management plans an upstream capital program of $1.1 billion for 2021 and says it expects Egypt contract modernization and Suriname exploration to be key areas of focus. The filing also details ongoing risks, including a Fieldwood bankruptcy that could require APA to perform decommissioning obligations on Gulf of Mexico assets, with a potential standby loan of up to $400 million, and several pending lawsuits, including shareholder and derivative suits filed in 2021 relating to Alpine High. The company accrued approximately $71 million for legal contingencies it considers probable and estimable, and management does not believe the matters are material in aggregate.
Aug 5, 2021
2021-Q1
APA Quarterly Report for Q1 Ended Mar 31, 2021
APA Corporation (formerly Apache Corporation, which became a subsidiary through a holding company reorganization completed March 1, 2021) reported net income attributable to common stock of $388 million, or $1.02 per diluted share, for the quarter ended March 31, 2021, compared with a net loss of $4,480 million, or $11.86 per share, in the first quarter of 2020. The prior-year result included $4.5 billion of asset impairments, none of which were recorded in the first quarter of 2021. Total revenues rose to $1.87 billion from $1.34 billion, driven by a 23 percent increase in average realized oil prices and a 182 percent increase in average realized natural gas prices. Derivative instrument gains were $158 million, including a $147 million realized gain tied to extreme gas price volatility during Winter Storm Uri in Texas. Daily production fell 18 percent to 382 Mboe/d from 468 Mboe/d, reflecting reduced drilling activity and extended downtime in the Forties Field in the North Sea. Net cash provided by operating activities increased to $671 million from $502 million, and cash and cash equivalents ended the quarter at $538 million. Total debt was $8.7 billion, and the company reported a total deficit of $261 million. The upstream capital program remains at $1.1 billion for 2021, of which about $900 million is for development and about $200 million for exploration, predominantly in Suriname. The filing also details several legal and contingent matters, including shareholder and derivative lawsuits filed in February and March 2021 related to Alpine High, a Louisiana coastal restoration litigation, an Oklahoma royalty class action in which damages exceed $250 million, and a potential asset retirement obligation exposure tied to Fieldwood's Gulf of Mexico bankruptcy, for which the company may provide a standby loan of up to $400 million. Management states that none of the actions are expected to be material after accruals, and the company accrued approximately $62 million for probable legal contingencies.
May 7, 2021