APA Corporation (APA) has joined the wave of oil and energy companies cutting jobs to rationalize operations and maintain competitiveness. It recently reduced its workforce by 10-15%, affecting around 300 employees globally. These cuts align with the company’s broader strategy to lower costs and sustain long-term profitability in an evolving energy landscape.Why the Job Cuts?APA has long been looking for cost-cut measures targeting $350 million in annualized savings by 2027 to drive efficiency. Its revenues ...

Core Insights - APA Corporation, in partnership with Lagniappe Alaska, LLC and Oil Search (Alaska), LLC, announced preliminary results from the Sockeye-2 exploratory well, indicating significant potential in the North Slope region [1][4]. Group 1: Joint Venture and Exploration - The North Slope project is a joint venture where APA Corporation holds a 50% working interest, while Lagniappe Alaska, LLC and Santos each hold 25% [2]. - The joint venture began its exploration campaign in 2023 but faced challenges in meeting drilling objectives, leading to a renewed effort in 2024 with plans for three exploratory wells, including King Street-1, which resulted in a new field discovery [3]. Group 2: Sockeye-2 Well Results - The Sockeye-2 well, drilled to a depth of 10,500 feet, encountered a high-quality reservoir with approximately 25 feet of net oil pay in a Paleocene-aged sand formation, with an average porosity of 20% [5]. - The success of Sockeye-2 validates the partnership's geological models and confirms a working hydrocarbon system, de-risking additional prospects in the area [6]. Group 3: Future Steps and Commercial Viability - Following wireline logging, the next steps include flow testing to confirm permeability and reservoir performance, which are critical for assessing the well's commercial viability [7]. - The partnership remains optimistic about the potential of the Sockeye-2 play and plans to provide further updates as evaluations progress [7].

HOUSTON, March 17, 2025 (GLOBE NEWSWIRE) -- APA Corporation ((NYSE, NASDAQ:APA) and its partners Lagniappe Alaska, LLC, an Armstong company, and Oil Search (Alaska), LLC, a subsidiary of Santos Limited, today announced preliminary results of the Sockeye-2 exploratory well. Apache holds a 50% working interest, operator Lagniappe and partner Santos each hold 25%. The Sockeye-2 well was drilled to a depth of approximately 10,500 feet and successfully encountered a high-quality reservoir with approximately 25 f ...

HOUSTON, March 17, 2025 (GLOBE NEWSWIRE) -- APA Corporation (NYSE, Nasdaq: APA) and its partners Lagniappe Alaska, LLC, an Armstong company, and Oil Search (Alaska), LLC, a subsidiary of Santos Limited, today announced preliminary results of the Sockeye-2 exploratory well. Apache holds a 50% working interest, operator Lagniappe and partner Santos each hold 25%. The Sockeye-2 well was drilled to a depth of approximately 10,500 feet and successfully encountered a high-quality reservoir with approximately 25 f ...

For the quarter ended December 2024, APA (APA) reported revenue of $2.5 billion, up 32.2% over the same period last year. EPS came in at $0.79, compared to $1.15 in the year-ago quarter.The reported revenue represents a surprise of +9.98% over the Zacks Consensus Estimate of $2.27 billion. With the consensus EPS estimate being $0.97, the EPS surprise was -18.56%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next m ...

Group 1 - APA Corporation is a diversified oil and gas producer operating both domestically and internationally [1] - The company was last covered in January 2024 following the Callon acquisition, indicating ongoing strategic developments [1] - The author has a professional background in the Nuclear Power industry, which aids in evaluating potential equities for long-term investment [1] Group 2 - The article serves as a platform for presenting the underlying fundamentals and long-term potential of each equity/business [1]

The oil and gas market dropped this week on a number of news items that seemed to hit the energy industry all at once. OPEC is increasing production, the U.S. economy may be slowing, and U.S. tariffs have become a topic once again.According to data provided by S&P Global Market Intelligence, Marathon Petroleum (MPC -0.01%) fell as much as 8.8% this week and is down 8.2% at 3:00 p.m. ET, Diamondback Energy (FANG 0.15%) dropped 12.2% but is now down 10.9%, and APA Corporation (APA 0.48%) lost 9.8% of its valu ...

Oil prices fell sharply on Monday, reaching their lowest levels in 2025, following the unexpected decision by OPEC+ to restart some of its previously halted production. WTI crude fell 2% to settle at $68.37 per barrel, while Brent crude slipped 1.6% to $71.62 per barrel, marking their lowest levels since December.The news sent shockwaves through energy stocks, with the sector experiencing widespread losses. The Energy Select Sector SPDR, which tracks the largest U.S. energy companies, sank 3.5% on Monday, m ...

U.S. energy operator APA Corporation (APA) reported fourth-quarter 2024 adjusted earnings of 79 cents per share, missing the Zacks Consensus Estimate of 97 cents and deteriorating from the year-ago adjusted figure of $1.15. The underperformance primarily reflects lower commodity prices and higher costs.Revenues of $2.5 billion were up 32% from the year-ago quarter’s sales and came ahead of the Zacks Consensus Estimate by 10% on the back of contribution from the Callon Petroleum acquisition and higher-than-e ...

Acquisition and Asset Management - APA Corporation completed the acquisition of Callon Petroleum Company for approximately $4.5 billion, enhancing its asset base in the Permian Basin with 120,000 net acres in the Delaware Basin and 25,000 net acres in the Midland Basin[29]. - The company generated approximately $1.6 billion from the sale of non-core producing properties and mineral interests, primarily used to reduce debt, streamlining its acreage position for long-term growth[29]. - The company has a noncontrolling ownership interest in Kinetik Holdings Inc., divesting its stake for total proceeds of approximately $880 million over three years[29]. - APA's capital allocation process has been enhanced through a series of transactions that upgraded its asset portfolio and improved capital efficiencies[27]. - The company relinquished its net acreage holdings offshore the Dominican Republic in 2024, continuing to assess opportunities in other international locations[69]. Production and Reserves - In 2024, the Company achieved total production of 166.4 MMboe, generating revenues of $8,196 million, with the United States contributing 62% of production and 53% of revenues[33]. - The Company's U.S. operations have estimated year-end proved reserves of 695 MMboe, with 72% of these reserves located in the U.S.[35]. - The company's total estimated proved reserves of 500 MMbbls of crude oil, 209 MMbbls of NGLs, and 1.6 Tcf of natural gas, equivalent to 969 million boe, with liquids representing approximately 73 percent[76]. - The company's proved developed reserves totaled 669 MMboe, while estimated proved undeveloped (PUD) reserves amounted to 300 MMboe, representing approximately 31 percent of worldwide total proved reserves[76]. - The company added approximately 325 MMboe from extensions, discoveries, and other additions during 2024, with 223 MMboe derived from U.S. drilling activity in the Permian Basin[77]. Operational Strategy and Flexibility - APA's business strategy focuses on moderate, sustainable production growth while managing costs and strengthening its balance sheet to generate excess cash flow for shareholder returns[25]. - The company aims to invest for long-term returns while navigating uncertainties in global supply chains and financial markets, including inflation and geopolitical tensions[25]. - APA's operational flexibility and rigorous asset management are key to optimizing shareholder value over the long term[27]. - The company has ongoing operations in the U.S., Egypt, and offshore the U.K., with active development in Suriname and exploration interests in Uruguay and Alaska[22][31]. - APA's diversified portfolio allows for timely responses to near-term price volatility and effective management of investment programs[26]. Exploration and Development - The Company drilled 87 gross development wells in the Southern Midland Basin with a 100% success rate and acquired approximately 25,000 net acres in the Midland Basin as part of the Callon acquisition[37]. - In Egypt, the Company held 5.3 million gross acres at year-end 2024, with 67% of this acreage undeveloped, contributing 30% of total production and 17% of year-end estimated proved reserves[45][48]. - The Company completed a three-well exploration program in Alaska, confirming a working petroleum system on its 325,000 gross acres of undeveloped acreage[44]. - The Company drilled 48 gross development and 36 gross exploration wells in Egypt in 2024, utilizing 3-D seismic surveys covering three million acres to enhance drilling inventory[49]. - The Company holds a 45 percent working interest in Block 53 offshore Suriname, with approximately 13,000 net undeveloped acres in the Baja discovery area[57]. Financial Commitments and Investments - The Company announced a $10.5 billion investment for the GranMorgu oil development in Block 58 offshore Suriname, with first oil expected in 2028[56]. - The Company has long-term delivery commitments for natural gas averaging 161 Bcf per year from 2025 to 2029 and 4.2 MMbbls of crude oil in 2025[42][43]. - The new gas sales agreement in Egypt, effective January 2025, could improve pricing based on production thresholds, creating potential for significant new drilling inventory[52]. - The company spent approximately $341 million on projects associated with proved undeveloped reserves in 2024, with $321 million allocated to U.S. activities and $20 million to international areas[82]. Employee and Community Engagement - The company employed approximately 2,305 full-time equivalent employees globally as of December 31, 2024, with the majority located in the United States (1,505 employees)[95][96]. - The company has established various employee resource groups (ERGs) and expanded recruitment efforts at Historically Black Colleges & Universities (HBCUs) to enhance diversity and inclusion[100]. - The Company granted 169,000 trees to 63 community partners in the U.S. and U.K. as part of its environmental stewardship initiatives[116]. - The Company continues to support the Clean Cooking Alliance in Sub-Saharan Africa, facilitating access to technical support and funding for clean cooking entrepreneurs[117]. Safety and Compliance - Total Recordable Incident Rate (TRIR) at 0.16, which is 33% below the target of 0.24[110]. - Days Away, Restricted and Transferred Rate (DART) at 0.09, 25% below the target of 0.12[111]. - Severe Incident Rate (SIR) at 0.009, 10% below the target of 0.010[111]. - Vehicle Incident Rate (VIR) at 0.59, 28% above the target of 0.46[110]. - The company engaged Ryder Scott Company for a reserves audit, covering 90 percent of estimated proved reserves values and 82 percent of volumes, ensuring compliance with SEC regulations[88][89].