HOUSTON, July 19, 2021 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today provided supplemental information regarding certain second-quarter 2021 financial and operational results.
Supplemental quarterly information
To further assist analysts with their second-quarter earnings models, the company is providing the following estimates:
| Estimated Average Realized Prices – 2Q21 | ||||||
| Oil (bbl) | NGL (bbl) | Natural Gas (Mcf) | ||||
| United States | $65.00 | $22.75 | $2.70 | |||
| International | $67.00 | $38.50 | $3.50 | |||
| Egypt tax barrels: | 22-23 MBoe/d |
| Realized loss on commodity derivatives (before tax): | $48 million |
| Dry hole costs (before tax): | $7-11 million |
Second-quarter 2021 production guidance update
APA is providing the following adjustments to its expected production for the second-quarter 2021:
Total Adjusted Production guidance increases to 342 Mboe/d, which reflects an increase in U.S. volumes to 241 Mboe/d from previous guidance of 230 Mboe/d, driven primarily by well performance in the Midland Basin and at Alpine High. Nearly half of this increase is attributable to oil volumes. Partially offsetting higher U.S. volumes, International adjusted production for the second-quarter 2021 is estimated at 101 Mboe/d, compared to 110 Mboe/d in the prior guidance, which is attributable to production sharing contract effects associated with higher realized oil prices in Egypt and extended maintenance downtime in the North Sea, including delays with third-party infrastructure returning online.
Second-quarter 2021 earnings call
APA Corporation will host its second-quarter 2021 results conference call on Thursday, August 5, at 10 a.m. Central time. The company will issue its earnings release after the market close on Wednesday, August 4. The full text of the release will be available on the company's website at www.apacorp.com. The conference call will be webcast from APA’s website at investor.apacorp.com, and the webcast replay will be archived there as well. The conference call will also be available for playback by telephone for one week beginning at approximately 4 p.m. Central time, August 5. To access the telephone playback, dial (855) 859-2056 or (404) 537-3406 for international calls. The conference access code is 6953249.
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 Apache Corporation’s Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on February 25, 2021, and in our quarterly reports on Form 10-Q 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 Apache Corporation 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
| Investor: | (281) 302-2286 | Gary Clark |
| Media: | (713) 296-7276 | Phil West |
| Website: | www.apacorp.com | |
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