- APA press release (NASDAQ:APA): Q2 Non-GAAP EPS of $0.85 beats by $0.13.
- Revenue of $1.96B (-35.7% Y/Y) beats by $210M.
- Net cash provided by operating activities was $1.0 billion, and adjusted EBITDAX was $1.2 billion. The company generated $94 million in free cash flow during the quarter.
- Reported production of 399,000 barrels of oil equivalent per day; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 325,000 BOE per day.
- Generated net cash from operating activities of $1 billion.
- On track to deliver total adjusted oil production growth of more than 10% for the year, driven by U.S. and Egypt performance.
- Outlook: APA is reducing full-year upstream capital investment guidance to $1.9 billion. Additionally, the company is lowering its full-year LOE outlook by $100 million to $1.4 billion.
- Christmann said, "We are tracking in line with the full-year production guidance issued in February and are particularly pleased with the oil production growth we are currently generating on a reduced capital budget."