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APA Raises U.S. Oil Forecast as Second-Quarter Output Beats Guidance
['Charles Kennedy', 'Thu', 'August', 'At Am Gmt', 'Min Read']
Yahoo Finance
APA Corporation reported second-quarter net income attributable to common shareholders of $747 million, or $2.11 per diluted share, as production surpassed the company's forecasts.
APA generated $1.7 billion in operating cash flow, $1.8 billion in adjusted EBITDAX and $738 million in free cash flow during the quarter.
U.S. oil production reached 123,500 barrels per day, exceeding guidance by 2,500 bpd.
The company raised its full-year U.S. oil production forecast to 123,000 bpd while maintaining its domestic capital budget at $1.3 billion.
Gross natural gas production rose to 539 million cubic feet per day as APA continued its gas-focused development program.