APA Corporation


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APA Corporation: Initiation Of Coverage – Robust Cash Flow Generation in Permian Basin & Egypt Operations


This is our first report on oil and gas major, APA Corporation. The company reported its fourth quarter and year-end 2023 results, with a series of noteworthy achievements throughout the year. The company delivered on all production and financial metrics close to original guidance, generated nearly $1 billion in free cash flow, and returned 66% to shareholders. In particular, the management was pleased with the strong performance from the Permian which offset lower than expected gross oil production in Egypt.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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