U.S. oil producer APA Corp. reported a second-quarter profit that nearly tripled on Aug. 3, bolstered by surging crude prices.
Houston-based APA is the latest oil and gas producer to post sharply higher profits, benefiting from surging oil prices after demand rebounded to pre-pandemic levels and sanctions on major energy producer Russia dented global supply.
APA also said it had purchased properties in the Texas Delaware portion of the Permian Basin during the quarter for $505 million from an undisclosed buyer. Reuters reported earlier on Aug. 3 that APA was buying assets in Texas from privately owned Titus Oil & Gas.
APA, the holding company for Apache Corp., reported quarterly production of 385,000 boe/d, slightly below the 395,000 boe/d it produced a year ago.
The company’s net income attributable to common stock rose to $926 million, or $2.71 a share, in the three months ended June 30, from $316 million, or 82 cents per share, a year earlier.
Recommended Reading
Marcellus Waiting to Exhale But Held Back by Regional, Economic Factors
2024-11-06 - After years of exploitation as one of the country’s first unconventional shale plays, the Marcellus still has plenty of natural gas for producers, even if regional and economic factors have kept much of it bottled up.
Mexico Pacific’s Saguaro: LNG’s Quicker Route to Asian Markets
2024-11-19 - Mexico Pacific’s 30-mtpa Saguaro LNG terminal promises a connection to Asia for Permian Gas that avoids the Panama Canal.
Analyst: Could Permian Gas Pipelines Fall Short of LNG Sweet Spot?
2024-09-23 - Permian Basin oil producers will be elated to see the Matterhorn Express and another planned pipeline move gas out of their way — but both will terminate east of the biggest LNG market in the world.
Long-Debated Alaskan NatGas Project Comes Into Focus
2024-11-20 - Pantheon Resources steps up with proposal to bring natural gas to the southern part of the state.
First-half 2024's US LNG Exports Rise 3%, DOE Says
2024-10-11 - U.S. LNG exports rose 3% in the first half of 2024 compared to the same six month period in 2023 and the top 10 countries importing U.S. LNG accounted for 67% of the North American country’s LNG exports in the first half of 2024, according to a recent report from the U.S. DOE.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.