APA Corporation Announces First-Quarter 2024 Financial and Operational Results

Key Takeaways

  • Reported production of 389,000 barrels of oil equivalent (BOE) per day; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 320,000 BOE per day; 
  • Generated net cash from operating activities of $368 million, adjusted EBITDAX of $1.24 billion;
  • Returned $176 million to shareholders in the first quarter through dividends and share buybacks;
  • Continued Permian strength drove U.S. oil volumes above guidance, marking the fifth consecutive quarter of meeting or exceeding guidance; 
  • Completed acquisition of Callon Petroleum Company and increased expected annual cost synergies by 50% to $225 million; increases APA’s U.S. oil production by more than 80% from fourth-quarter 2023 to estimated fourth-quarter 2024;
  • Updated for the acquisition, Permian expected to represent more than 70% of total company capital expense and production for 2024; and
  • Discovered high-quality oil in two zones at King Street #1 well in joint-venture leasehold in Alaska.

HOUSTON, May 1, 2024 – APA Corporation (Nasdaq: APA) today announced its financial and operational results for the first quarter of 2024.

APA reported net income attributable to common stock of $132 million, or $0.44 per diluted share. When adjusted for items that impact the comparability of results, APA’s first-quarter earnings were $237 million, or $0.78 per diluted share. Net cash provided by operating activities was $368 million and adjusted EBITDAX was $1.24 billion.

“Our drilling programs in the U.S. and Egypt performed well during the quarter,” said John J. Christmann IV, APA’s CEO. “In the Permian Basin, where we are consistently delivering excellent results, we added scale and oil leverage with the recently closed Callon Petroleum Company acquisition. We are currently focused on integrating the Callon assets and have identified compelling opportunities to generate value across the acquired asset base through changes in planning and well design, drilling and completions, and many aspects of daily operations. Accordingly, we have increased our expected annual cost synergies from the transaction by 50% to $225 million.”

First-Quarter summary
First-quarter reported production was 389,000 BOE per day and adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 320,000 BOE per day. APA’s first-quarter upstream capital investment and lease operating expense were better than expected primarily due to the timing of planned facility, leasehold and exploration spend.

Alaska update
Exploration efforts in Alaska resulted in the confirmation of a working petroleum system and a high-quality oil discovery at King Street #1. The other two wells, Sockeye #1 and Voodoo #1, did not reach their target objectives during the drilling season due to a number of delays. The joint venture is currently analyzing the data and evaluating next steps. 

2024 capital and activity update
Following the completion of the Callon acquisition, APA is providing revised full-year 2024 guidance. In 2024, APA plans to invest $2.7 billion in upstream oil and gas capital. The company expects to average approximately 10 rigs for the remainder of this year in the U.S. as it actively manages and high grades the newly combined rig fleet.

“In the month since we closed the Callon acquisition, we have made significant progress in the integration process,” Christmann said. “We believe the most compelling opportunities for value from the acquisition are in future capital efficiencies and the impact of the company’s increased oil exposure.”

Conference call
APA will host a conference call to discuss its first-quarter 2024 results at 10 a.m. Central time, Thursday, May 2. The conference call will be webcast from APA’s website at and 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 natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website,

Additional information
Additional information follows, including reconciliations of adjusted earnings, adjusted EBITDAX, upstream capital investment, net debt, cash flows from operations before changes in operating assets and liabilities and free cash flow (non-GAAP financial measures) to GAAP measures and information regarding adjusted production. APA’s quarterly supplement is available at

Non-GAAP financial measures
APA’s financial information includes information prepared in conformity with generally accepted accounting principles (GAAP) as well as non-GAAP financial information. It is management’s intent to provide non-GAAP financial information to enhance understanding of our consolidated financial information as prepared in accordance with GAAP. Adjusted earnings, adjusted EBITDAX, upstream capital investment, net debt, cash flows from operations before changes in operating assets and liabilities and free cash flow are non-GAAP measures. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure.

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,” “goals,” “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, 2023, 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.

Cautionary note to investors
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable, and possible reserves that meet the SEC's definitions for such terms. APA may use certain terms in this news release, such as "resources," "potential resources," "resource potential," "estimated net reserves," "recoverable reserves," and other similar terms that the SEC guidelines strictly prohibit APA from including in filings with the SEC. Such terms do not take into account the certainty of resource recovery, which is contingent on exploration success, technical improvements in drilling access, commerciality, and other factors, and are therefore not indicative of expected future resource recovery and should not be relied upon. Investors are urged to consider carefully the disclosure in APA’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 available from APA at or by writing APA at: 2000 Post Oak Blvd., Suite 100, Houston, TX 77056 (Attn: Corporate Secretary). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at

Investor:    (281) 302-2286    Gary Clark
Media:    (713) 296-7276    Alexandra Franceschi            

Click here for the full release with quarterly financial statements.