APA Corporation Announces Third-Quarter 2023 Financial and Operational Results

Key Takeaways

  • Reported production of 412,000 barrels of oil equivalent (BOE) per day; adjusted production, excluding Egypt noncontrolling interest and tax barrels, was 340,000 BOE per day; 
  • Year-over-year U.S. oil volumes increased 16% driven by operating efficiencies and strong well performance in the Permian Basin; 
  • Confirmed an estimated recoverable resource of 700 million barrels of oil at Sapakara and Krabdagu discoveries on Block 58, offshore Suriname; 
  • Generated net cash from operating activities of $764 million and free cash flow of $307 million during the quarter; and
  • In the first three quarters of 2023, APA returned 65% of free cash flow to shareholders through dividends and buybacks, including the repurchase of 5.5 million shares at an average price of $37.91.

HOUSTON, Nov. 1, 2023 – APA Corporation (Nasdaq: APA) today announced its financial and operational results for the third quarter of 2023. 

APA reported net income attributable to common stock of $459 million, or $1.49 per diluted share. When adjusted for items that impact the comparability of results, APA’s third-quarter earnings were $410 million, or $1.33 per diluted share. Net cash provided by operating activities was $764 million, and adjusted EBITDAX was $1.4 billion. The company generated $307 million in free cash flow during the quarter.

“Good execution and strong well performance in the Permian Basin were the primary drivers of APA’s third-quarter results,” said John J. Christmann IV, APA’s CEO and president. “Adjusted global oil production exceeded the high-end of our guidance range and was up by 20% year over year. In Suriname, our appraisal efforts delivered a very positive outcome, confirming estimated recoverable oil resources of 700 million barrels for Sapakara and Krabdagu.”

Third-Quarter Summary    

Third-quarter reported production was 412,000 BOE per day. Adjusted production, excluding Egypt noncontrolling interest and tax barrels, was 340,000 BOE per day. 

APA delivered sequential quarterly oil growth in each of its operating areas. Total oil volumes increased by 5%, led by 10% growth in the U.S. In Egypt, gross oil production increased by 3%, and in the North Sea, oil production was up 2%. 

In Suriname, APA’s partner TotalEnergies announced plans to proceed with Front End Engineering and Design (FEED) work for a 200,000 barrel per day FPSO. A considerable amount of planning, engineering and technical work is being directed toward this project, targeting Final Investment Decision (FID) before the end of 2024. 

2023 Fourth-Quarter Capital and Production Guidance

The company expects total fourth-quarter production will be down slightly from the third quarter, due to facility downtime in the North Sea and a decline in natural gas volumes across the portfolio, as previously disclosed.

APA’s upstream capital investment in the fourth quarter is expected to be approximately $500 million. This reflects increased activity in the Permian Basin, where the company is picking up a sixth drilling rig. 

ESG Progress

APA has made significant progress on its environmental, social and governance goals recently achieving a key 2023 target to convert more than 2,000 methane-emitting pneumatic devices to air driven or non-venting valves, thereby reducing methane emissions. This was delivered three months ahead of schedule and will result in an estimated annualized methane reduction of 1,000 tonnes or 25,000 tonnes of carbon dioxide equivalents. 

Conference Call

APA will host a conference call to discuss its third-quarter 2023 results at 10 a.m. Central time, Thursday, Nov. 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 the Dominican Republic. APA posts announcements, operational updates, investor information and press releases on its website, Additional details regarding Suriname, ESG performance and other investor-related topics are posted at

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, 2022, 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, 2022 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.