APA Corporation Provides First-Quarter 2024 Supplemental Information and Schedules Results Conference Call for May 2 at 10 a.m. Central Time

HOUSTON, April 10, 2024 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today provided supplemental information regarding certain first-quarter 2024 financial and operational results. This information is intended only to provide additional information regarding current estimates management believes will affect results for the first-quarter 2024. 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 first-quarter 2024 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 first-quarter 2024.

Estimated Average Realized Prices – 1Q24
	Oil (bbl)		NGL (bbl)		Natural Gas (Mcf)
United States	$77.00		$25.00		$1.40
International	$83.00		$49.00		$3.80

Egypt tax barrels:	37 MBoe/d
Realized gain on commodity derivatives (before tax):	$4 million
Dry hole costs (before tax):     Primarily related to Egypt exploration	$22-27 million
Net gain on oil and gas purchases and sales (before tax):     Includes gain on natural gas purchased and sold to Cheniere.	$40 million
General and administrative expense:	$95 million

APA production update

APA curtailed approximately 35 MMcf/d of U.S. natural gas production in the first quarter, mostly during the month of March in response to weak or negative Waha hub prices. APA also curtailed an estimated 2,500 barrels per day of NGL’s during the quarter, which was primarily associated with the voluntary gas curtailments.

Alaska update

Alaska exploration operations and evaluation are ongoing. An update may be available prior to APA’s first quarter results.

Weighted-average shares outstanding

The estimated weighted-average basic common shares for the first quarter is 302 million, compared with a weighted average of 306 million shares in the fourth-quarter 2023. The company repurchased 3.0 million shares at an average price of $33.27 per share, during the period.