APA(APA)2025-02-27 14:48Financial Performance - In Q4 2024, APA Corporation reported a net income of 0.96 per diluted share, with adjusted earnings of 0.79 per diluted share[5]. - For the full year 2024, net income attributable to common stock was 2.27 per diluted share, with adjusted earnings totaling 3.77 per diluted share[7]. - The company generated 5.9 billion in adjusted EBITDAX for 2024[7]. - Free cash flow for the year ended December 31, 2024, was 965 million in 2023[42]. - Net cash provided by operating activities for the year ended December 31, 2024, was 3,129 million in 2023[42]. - Adjusted EBITDAX for Q4 2024 was 1,557 million in Q4 2023, showing a slight decline of 0.4%[45]. - Net income attributable to common stock for Q4 2024 was 377 million in Q4 2023, resulting in diluted EPS of 1.00[51]. - For the year ended December 31, 2024, net income attributable to common stock was 2.255 billion in 2023, with diluted EPS decreasing to 9.25[51]. - Adjusted earnings (Non-GAAP) for Q4 2024 were 352 million in Q4 2023, leading to an adjusted EPS of 1.15[51]. Production and Reserves - Full-year production averaged 455,000 BOE per day, with adjusted production at 385,000 BOE per day[7]. - Total adjusted production for 2025 is expected to be around 396,000 BOE per day, a 3% increase from 2024[7]. - Total oil volume increased to 220,273 barrels per day, a 5% increase from the previous quarter and a 38% increase year-over-year[30]. - Natural gas volume reached 698,245 Mcf per day, reflecting an 11% increase from the previous quarter and a 4% increase year-over-year[30]. - Total BOE per day was 418,347, representing a 6% increase from the previous quarter and a 23% increase year-over-year[30]. - The company reported a total of 511,587 Mcf per day of natural gas production in the United States, a 9% increase from the previous quarter[30]. - Total oil reserves increased to 499.711 million barrels as of December 31, 2024, up from 379.125 million barrels at the end of 2023, reflecting a net increase of 31.7%[53]. - Total gas reserves reached 1.562 billion cubic feet by December 31, 2024, an increase of 2.1% from 1.530 billion cubic feet in 2023[55]. - The company reported total proved developed reserves of 969.097 million barrels of oil equivalent (Mboe) as of December 31, 2024, up from 807.480 Mboe in 2023, marking a growth of 20%[56]. Financial Position and Debt - APA's debt at year-end 2024 was 625 million, reflecting a net debt increase of only 6,044 million in Q4 2024 from 5,419 million, down from 625 million in 2024 from 19,390 million in 2024, up from 2.5 to 200 million for the GranMorgu project and 350 million in annual cost savings by the end of 2027 through various cost-reduction initiatives[13]. - Upstream capital investment, including noncontrolling interest in Egypt, was 598 million in Q4 2023, reflecting an increase of 9%[40]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and reserve recovery[52]. Costs and Expenses - Total costs incurred in oil and gas property for the year ended December 31, 2024, were 2,719 million in 2023, reflecting a growth of 189%[40]. - Exploration expenses totaled 201 million[34]. - The company incurred transaction, reorganization, and separation costs of 10 million in 2023[51]. - Loss on previously sold Gulf of America properties for the year was 167 million in 2023, indicating an increase of 27.5%[51]. Shareholder Returns - The company returned $599 million to shareholders in 2024, representing 71% of free cash flow[7]. - Common shares outstanding increased to 365 million at the end of 2024 from 304 million in 2023, representing a growth of 20%[38].