APA Q2 Earnings Top as Callon Acquisition Drives Production

Zacks08-02

U.S. energy operator APA Corporation APA reported second-quarter 2024 adjusted earnings of $1.17 cents per share, beating the Zacks Consensus Estimate of 95 cents and improving from the year-ago ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAPA Q2 Earnings Top as Callon Acquisition Drives Production\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-02 20:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/apa-q2-earnings-top-callon-121300681.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. energy operator APA Corporation APA reported second-quarter 2024 adjusted earnings of $1.17 cents per share, beating the Zacks Consensus Estimate of 95 cents and improving from the year-ago ...</p>\n\n<a href=\"https://finance.yahoo.com/news/apa-q2-earnings-top-callon-121300681.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CPE","symbol_name":"卡隆石油","start_time":0,"source_url":"https://finance.yahoo.com/news/apa-q2-earnings-top-callon-121300681.html","article_id":"2456525282","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/T.zl_RSaYKt8ULkIkHm1Zg--~B/aD00NTU7dz02MjA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/958fc4f89ac110734eefe752c250b622"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2456525282","pubTimestamp":1722600780,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"U.S. energy operator APA Corporation APA reported second-quarter 2024 adjusted earnings of $1.17 cents per share, beating the Zacks Consensus Estimate of 95 cents and improving from the year-ago adjusted figure of 85 cents. The outperformance primarily reflects higher-than-expected production owing to the contribution from the Callon Petroleum acquisition that was closed on Apr 1.Revenues of $2.8 billion were up 42.4% from the year-ago quarter’s sales and came ahead of the Zacks Consensus Estimate by 20.7%.Meanwhile, APA continues to reward shareholders with dividends and buybacks. APA bought back 1.5 million shares at $28.72 apiece during the second quarter. The company also shelled out $92 million in dividend payments.APA expects adjusted production to average 388,000 BOE/d in Q3 and 387000 BOE/d in 2024. Of this, oil volumes are likely to be 208,000 Bbl/d during the July-September period and 199,000 Bbl/d for the full year. The company pegged its upstream capital expenditure for the","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"CPE":"卡隆石油","APA":"阿帕契","COP":"康菲石油"},"translate_title":"Callon收购推动产量，APA第二季度盈利创历史新高","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"APA":1,"CPE":1,"COP":0.9},"content_text":"U.S. energy operator APA Corporation APA reported second-quarter 2024 adjusted earnings of $1.17 cents per share, beating the Zacks Consensus Estimate of 95 cents and improving from the year-ago adjusted figure of 85 cents. The outperformance primarily reflects higher-than-expected production owing to the contribution from the Callon Petroleum acquisition that was closed on Apr 1.Revenues of $2.8 billion were up 42.4% from the year-ago quarter’s sales and came ahead of the Zacks Consensus Estimate by 20.7%. Meanwhile, APA continues to reward shareholders with dividends and buybacks. APA bought back 1.5 million shares at $28.72 apiece during the second quarter. The company also shelled out $92 million in dividend payments. \n\nAPA Corporation Price, Consensus and EPS Surprise\n  \nAPA Corporation price-consensus-eps-surprise-chart | APA Corporation Quote\nProduction & Selling Prices\nProduction of oil and natural gas averaged 473,409 BOE/d, which comprises 71% liquids. The figure was up 18.7% from the year-ago quarter and surpassed our expectation of 450,182  BOE/d.U.S. output (accounting for 64% of the total) jumped 42.5% year over year to 303,416 BOE/d but production from the company’s international operations decreased 8.7% to 169,993 BOE/d. APA’s oil and natural gas liquids (NGLs) production was 334,136 barrels per day (Bbl/d). Natural gas output totaled 835,639 thousand cubic feet per day (Mcf/d).The average realized crude oil price during the second quarter was $82.28 per barrel, up 7.7% from the year-ago realization of $76.38. The number also came above our projection of $77.21. Meanwhile, the average realized natural gas price fell to $1.77 per thousand cubic feet (Mcf) from $2.39 in the year-ago period and missed our estimate of $2.06.\n\nCosts & Financial Position\nAPA’s second-quarter lease operating expenses totaled $460 million, up 27.4% from $361 million in the year-ago period. Moreover, a significant increase in the cost of oil/gas equipment and higher depreciation outgo meant that total operating expenses rose 47.8% from the corresponding period of 2023 to $1.9 billion. Our model put the figure at $2 billion.During the quarter under review, APA generated $877 million of cash from operating activities while it incurred $839 million in upstream capital expenditures. The Zacks Rank #3 (Hold) company reported an adjusted operating cash flow of $1.1 billion. It also registered a free cash flow of $103 million compared to $94 million a year ago.You can see the complete list of today’s Zacks #1 Rank stocks here.As of Jun 30, APA had approximately $160 million in cash and cash equivalents and $6.7 billion in long-term debt.\nGuidance\nAPA expects adjusted production to average 388,000 BOE/d in Q3 and 387000 BOE/d in 2024. Of this, oil volumes are likely to be 208,000 Bbl/d during the July-September period and 199,000 Bbl/d for the full year. The company pegged its upstream capital expenditure for the year at $2.7 billion or more.\nSome Key E&P Earnings\nWhile we have discussed APA’s second-quarter results in detail, let’s see how some other upstream companies have fared this earnings season.ConocoPhillips COP, one of the world’s largest independent oil and gas producers, reported second-quarter 2024 adjusted earnings per share of $1.98, missing the Zacks Consensus Estimate of $2.06. The bottom line, however, improved from the prior-year quarter’s $1.84 per share. ConocoPhillips’ higher costs and expenses led to a weaker-than-expected bottom line. The negatives were partially offset by strong oil equivalent production volumes — up 7.8% year over year.As of Jun 30, 2024, ConocoPhillips had $4.3 billion in cash and cash equivalents. COP’s total long-term debt was $17 billion, while it had a short-term debt of $1.3 billion. Capital expenditure and investments totaled $3 billion. Net cash provided by operating activities was $4.9 billion.Natural gas producer EQT Corporation EQT reported second-quarter 2024 adjusted loss from continuing operations of 8 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 20 cents. The bottom line also improved from the year-ago quarter’s reported loss of 17 cents. EQT’s better-than-expected profits were driven by higher sales volumes, which increased to 508 billion cubic feet equivalent (Bcfe) from the year-ago quarter’s 471 Bcfe.EQT’s adjusted operating cash flow was $405 million in the quarter, up from $340.8 million a year ago. Free cash flow in the quarter was a negative $171.1 million compared with a negative $129.3 million in the second quarter of 2023. Total capital expenditure for the company amounted to $576 million, rising from $470 million a year ago. As of Jun 30, 2024, EQT had $29.9 million in cash and cash equivalents. Net debt was $4.9 billion.Northern Oil and Gas NOG, another U.S. energy operator, reported second-quarter 2024 adjusted earnings per share of $1.46, which beat the Zacks Consensus Estimate of $1.20. The outperformance reflects strong production. However, the bottom line declined from the year-ago adjusted profit of $1.49 due to weaker natural gas prices and a 41.4% increase in operating expenses.NOG’s management announced its intention to get approval from the board of directors for a 5% increase in the quarterly dividend, raising it by 2 cents to 42 cents per share for the third quarter. The board of directors has also approved a new $150 million share repurchase authorization.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nConocoPhillips (COP) : Free Stock Analysis Report\nAPA Corporation (APA) : Free Stock Analysis Report\nEQT Corporation (EQT) : Free Stock Analysis Report\nNorthern Oil and Gas, Inc. (NOG) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2456525282"}