APA Corp Is Expanding Its Egyptian Empire; Is The New Acreage A Potential Goldmine?

APA Corporation’s third quarter results highlight a period of operational success and financial prudence, balanced with the backdrop of a challenging global environment. They demonstrated strong operational performance across all key regions, with production exceeding guidance, while maintaining lower-than-expected capital investment and operating costs. In the Permian Basin, APA Corporation saw oil production surpass guidance due to efficient operations, while the capital costs stayed in line with the expectations, demonstrating a well-managed portfolio and resilient strategies. However, reflecting the recent dislocation in gas prices, specifically Waha pricing, APA adjusted guidance to account for temporary curtailments, indicating a potential area of concern for gas operations. In Egypt, significant advancements were made thanks to a new acreage award and improved receivables, reducing past dues significantly. The continued success in gas production, supported by strong well performance and infrastructure optimization, indicates a robust operational framework in the region.