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
Energy Transfer, Sunoco Announce Team Up in Permian Basin JV
2024-07-16 - Energy Transfer LP and Sunoco LP have formed a partnership that will operate more than 5,000 miles of crude oil and water gathering pipelines in the Permian Basin with crude oil storage capacity in excess of 11 MMbbl.
Permian Resources Bolts-on Oxy’s Delaware Basin Assets for $820MM
2024-07-29 - Permian Resources will add Occidental Petroleum’s Barilla Draw assets in an $817.5 million deal as Oxy prepares to pay down debt for its pending $12 billion acquisition of CrownRock LP.
Solaris to Acquire Mobile Energy Rentals, Rename to Solaris Energy Infrastructure
2024-07-10 - Following the closing of its deal to acquire Mobile Energy Rentals, Solaris Oilfield Infrastructure will also be rebranding to Solaris Energy Infrastructure to more closely represent its expanded solutions offerings.
APA Closes Midland Basin, Eagle Ford Divestitures for $660 Million
2024-07-11 - APA Corp. and subsidiary Apache sold non-core assets in the Permian Basin and Eagle Ford Shale sooner than expected, and for less, as the company looks to reduce debt from its Callon Petroleum deal earlier this year.
Martin Resource Sidesteps Firms’ Criticism, Offer for Midstream MLP
2024-07-11 - Martin Resource Management, which in May proposed buying spinoff Martin Midstream Partners, responded to two capital firms’ counteroffer made public July 11 by saying it’s not interested.