APA Corporation Provides Third-Quarter 2023 Supplemental Information and Schedules Results Conference Call for Nov. 2 at 10 a.m. Central Time

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.

Estimated Average Realized Prices – 3Q23
	Oil (bbl)		NGL (bbl)		Natural Gas (Mcf)
United States	$82.00		$21.50		$2.00
International	$88.00		$50.00		$4.25

Egypt tax barrels:	39 MBoe/d
Realized gain on commodity derivatives (before tax):	$19 million
Dry hole costs (before tax):	$15-20 million
Net gain on oil and gas purchases and sales (before tax):  Includes gain on natural gas purchased and sold to Cheniere under a contract that commenced Aug. 1	$17 million
General and Administrative Expense*:	$145 million

* 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.