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Houston-based APA Corp. said its Permian Basin assets will drive increases in overall production in third-quarter 2023, the company reported in supplemental information prior to its Nov. 2 earnings call.
In the third quarter 2023 APA expects reported production to average between 409,000 boe/d-411,000 boe/d and adjusted production, which excludes Egypt non-controlling interest and tax barrels, to average between 337,000 boe/d-339,000 boe/d, according to the release.
This compares to average reported and adjusted production of 399,000 boe/d and 325,000 boe/d in second-quarter 2023.
Total adjusted production and adjusted oil production will come in the upper half of APA’s guidance range, “with performance driven primarily by strength in Permian oil and U.K. North Sea volumes,” the company said in an Oct. 5 press release.
In the Permian, APA’s operations are concentrated in the Southern Midland and Delaware basins.
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