APA Corporation Provides Second-Quarter 2022 Supplemental Information and Schedules Results Conference Call for August 4 at 10 a.m. Central Time

HOUSTON, July 18, 2022 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) today provided supplemental information regarding certain second-quarter 2022 financial and operational results.

Supplemental quarterly information
To further assist analysts with their second-quarter earnings models, the company is providing the following estimates:

Second-quarter 2022 production guidance update
International adjusted production is forecast to be 105 Mboe/d, compared to guidance of 107 Mboe/d, with the primary variances attributable to the impact of strong Brent oil prices on Egypt PSC volumes and lower gas production in Egypt. This was partially offset by higher production in the North Sea due to a shift in the timing of planned maintenance at the Beryl Field.

U.S. production for the period is forecast to be 200 Mboe/d, compared to guidance of 206 Mboe/d. Approximately 4 Mboe/d of the variance is attributable to non-recurring prior period adjustments, primarily related to the performance of non-operated wells. The remainder is associated with mixed production results from certain Austin Chalk wells placed on production during the quarter.

Weighted-average common shares outstanding, share buybacks, and debt paid down

During the second-quarter 2022, the company repurchased 7.0 million shares of APA common stock at an average price of $41.60 per share. The estimated weighted-average basic common shares for the period is 341 million, compared with 346 million for the first-quarter 2022.

From July 1 through July 15, the company repurchased an additional 6.9 million shares of APA common stock, at an average price of $33.87 per share. Since Oct. 1, 2021, the company has repurchased 52.3 million shares at an average price of $31.19.

During the second-quarter 2022, the company also paid down $605 million on its revolving credit facility, ending the period with $275 million on the revolver.

Second-quarter 2022 earnings call

APA will host a conference call to discuss its second-quarter 2022 results at 10 a.m. Central time, Thursday, August 4. 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 gas in the United States, Egypt and the United Kingdom and that explore for oil and gas offshore Suriname. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Specific information concerning 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,” “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, 2021, 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.

Contacts

APA-G