APA Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>APA Corp. submitted its Q1 2024 10-Q filing on May 2, 2024.</b>

AI Summary

APA Corp (APA) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. APA Corp. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. APA Corp. is engaged in Crude Petroleum & Natural Gas extraction. The filing was submitted on May 2, 2024.

Why It Matters

For investors and stakeholders tracking APA Corp, this filing contains several important signals. This 10-Q provides a detailed look at APA Corp.'s financial performance and operational status during the first quarter of 2024. Investors and analysts can use this filing to assess the company's financial health, profitability, and any significant changes since the last reporting period.

Risk Assessment

Risk Level: low — APA Corp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or severe financial distress or regulatory issues.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand APA Corp.'s Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• APA Corp (company) — Filer of the 10-Q report
• 2024-03-31 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• 1311 (other) — Standard Industrial Classification for Crude Petroleum & Natural Gas
• 713.296.6000 (other) — Business phone number
• 2000 POST OAK BLVD SUITE 100 HOUSTON TX 77056 (other) — Business and mailing address

FAQ

Industry Context

APA Corp. operates within the Crude Petroleum & Natural Gas industry.

Regulatory Implications

The filing is a standard SEC form (10-Q) required for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for Q1 2024.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into performance drivers and risks.
3. Compare Q1 2024 results with previous periods and industry benchmarks.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following previous filings for the fiscal year 2023.

Key Financial Figures

• $0.625 — ange on which registered Common Stock, $0.625 par value APA Nasdaq Global Select Mark

Filing Documents

• apa-20240331.htm (10-Q) — 1293KB
• apa2024q1-exhibit311.htm (EX-31.1) — 11KB
• apa2024q1-exhibit312.htm (EX-31.2) — 11KB
• apa2024q1-exhibit321.htm (EX-32.1) — 9KB
• 0001784031-24-000008.txt (&nbsp;) — 7269KB
• apa-20240331.xsd (EX-101.SCH) — 52KB
• apa-20240331_cal.xml (EX-101.CAL) — 94KB
• apa-20240331_def.xml (EX-101.DEF) — 258KB
• apa-20240331_lab.xml (EX-101.LAB) — 595KB
• apa-20240331_pre.xml (EX-101.PRE) — 429KB
• apa-20240331_htm.xml (XML) — 1121KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1. FINANCIAL STATEMENTS 1 1 2 3 CONSOLIDATED BALANCE SHEET 4 5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 6 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 23 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 36 4. CONTROLS AND PROCEDURES 37

- OTHER INFORMATION

PART II - OTHER INFORMATION 1. LEGAL PROCEEDINGS 38 1A. RISK FACTORS 38 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 38 5. OTHER INFORMATION 38 6. EXHIBITS 39

FORWARD-LOOKING STATEMENTS AND RISKS

FORWARD-LOOKING STATEMENTS AND RISKS This report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). All statements other than statements of historical facts included or incorporated by reference in this report, including, without limitation, statements regarding the Company's future financial position, business strategy, budgets, projected revenues, projected costs, plans and objectives of management for future operations and capital returns framework, the anticipated benefits of the merger (the Callon acquisition) between the Company and Callon Petroleum Company (Callon), the anticipated impact of the Callon acquisition on the combined company's business and future financial and operating results, and the anticipated financial and operational impact and timing of the expected synergies from the Callon acquisition, are forward-looking statements. Such forward-looking statements are based on the Company's examination of historical operating trends, the information that was used to prepare its estimate of proved reserves as of December 31, 2023, and other data in the Company's possession or available from third parties. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "could," "expect," "intend," "project," "estimate," "anticipate," "plan," "believe," "continue," "seek," "guidance," "goal," "might," "outlook," "possibly," "potential," "prospect," "should," "would," or similar terminology, but the absence of these words does not mean that a statement is not forward looking. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable under the circumstances, it can give no assurance that such expectations will prove to have been correct. Important factors that could

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS APA CORPORATION AND SUBSIDIARIES (Unaudited) For the Quarter Ended March 31, 2024 2023 (In millions, except share data) REVENUES AND OTHER: Oil, natural gas, and natural gas liquids production revenues (1) $ 1,748 $ 1,769 Purchased oil and gas sales (1) 203 239 Total revenues 1,951 2,008 Derivative instrument gains (losses), net ( 4 ) 53 Gain on divestitures, net 7 1 Loss on previously sold Gulf of Mexico properties ( 66 ) — Other, net 15 ( 32 ) 1,903 2,030 OPERATING EXPENSES: Lease operating expenses (1) 338 321 Gathering, processing, and transmission (1) 84 78 Purchased oil and gas costs (1) 163 216 Taxes other than income 57 52 Exploration 148 52 General and administrative 93 65 Transaction, reorganization, and separation 27 4 Depreciation, depletion, and amortization 430 332 Asset retirement obligation accretion 40 28 Financing costs, net 76 72 1,456 1,220 NET INCOME BEFORE INCOME TAXES 447 810 Current income tax provision 300 346 Deferred income tax provision (benefit) ( 65 ) 138 NET INCOME INCLUDING NONCONTROLLING INTERESTS 212 326 Net income attributable to noncontrolling interest 80 84 NET INCOME ATTRIBUTABLE TO COMMON STOCK $ 132 $ 242 NET INCOME PER COMMON SHARE: Basic $ 0.44 $ 0.78 Diluted $ 0.44 $ 0.78 WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 302 311 Diluted 302 312 (1) For transactions with Kinetik prior to the Company's sale of its remaining shares of Kinetik Class A Common Stock and the resignation of the Company's designated director from the Kinetik board of directors, refer to Note 6—Equity Method Interests . The accompanying notes to consolidated financial statements are an integral part of this statement. 1 APA CORPORATION AND SUBSIDIARIES (Unaudited) For the Quarter Ended March 31, 2024 2023 (In millions) NET INCOME INCLUDING NONCONTROLLING INTEREST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) These consolidated financial statements have been prepared by APA Corporation (APA or the Company) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). They reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods, on a basis consistent with the annual audited financial statements, with the exception of any recently adopted accounting pronouncements. All such adjustments are of a normal recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10-Q should be read along with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which contains a summary of the Company's significant accounting policies and other disclosures. 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As of March 31, 2024, the Company's significant accounting policies are consistent with those discussed in Note 1—Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The Company's financial statements for prior periods may include reclassifications that were made to conform to the current-year presentation. Principles of Consolidation The accompanying consolidated financial statements include the accounts of APA and its subsidiaries after elimination of intercompany balances and transactions. The Company's undivided interests in oil and gas exploration and production ventu

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