HOUSTON, Oct. 05, 2023 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today provided supplemental information regarding certain third-quarter 2023 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 2023. 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 2023 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 2023.

* G&A increase relative to 3Q guidance is primarily the result of accruals associated with the increase in APA’s stock price during the quarter

Third-Quarter production commentary

Total Adjusted Production and Adjusted Oil Production are expected to be in the upper half of the company’s guidance range, with performance driven primarily by strength in Permian oil and UK North Sea volumes. Egypt gross oil production was approximately 145 thousand barrels per day, slightly below the company’s guidance for the quarter.

Fourth-Quarter outlook commentary

Production in the UK North Sea is expected to decrease by 10% to 15% from the third quarter, due to unscheduled compressor motor repairs, which will require platform downtime through the end of the year.

Weighted-average shares outstanding

The estimated weighted-average basic common shares outstanding for the third quarter is 308 million. The company repurchased approximately 475,000 shares at an average price of $41.89 per share, during the period.

Third-quarter 2023 earnings call

APA will host a conference call to discuss its third-quarter 2023 results at 10 a.m. Central time, Thursday, Nov. 2. 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.

About APA

APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and in the Dominican Republic. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Additional details regarding Suriname, ESG performance and other investor-related topics are posted at investor.apacorp.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in APA’s Form 10-K for the year ended December 31, 2022, and in our quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

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