APA Corp. Q3 2024 Results: $3.33B Revenue

TL;DR

**APA Corp Q3 2024: $3.33B revenue for 9 months. Oil & Gas focus.**

AI Summary

APA Corp. reported its Q3 2024 results, with total revenues for the nine months ended September 30, 2024, reaching $3.33 billion. The company's primary business involves the exploration, development, and production of oil and natural gas. This filing covers the period up to September 30, 2024, and was submitted on November 7, 2024.

Why It Matters

This filing provides insight into APA Corp's financial performance in the oil and gas sector for the third quarter of 2024, impacting investors and the energy market.

Risk Assessment

Risk Level: medium — The oil and gas industry is subject to significant price volatility and regulatory changes, posing inherent risks to companies like APA Corp.

Key Numbers

• $3.33B — Total Revenues (9 months ended 09/30/2024) (Indicates the company's top-line performance over the period.)

Key Players & Entities

• APA Corp. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date
• $3.33 billion (dollar_amount) — Total revenues for the nine months ended September 30, 2024

FAQ

Key Financial Figures

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

Filing Documents

• apa-20240930.htm (10-Q) — 1884KB
• apa2024q3-exhibit311.htm (EX-31.1) — 11KB
• apa2024q3-exhibit312.htm (EX-31.2) — 11KB
• apa2024q3-exhibit321.htm (EX-32.1) — 9KB
• 0002040266-24-000003.txt ( ) — 9513KB
• apa-20240930.xsd (EX-101.SCH) — 57KB
• apa-20240930_cal.xml (EX-101.CAL) — 108KB
• apa-20240930_def.xml (EX-101.DEF) — 273KB
• apa-20240930_lab.xml (EX-101.LAB) — 704KB
• apa-20240930_pre.xml (EX-101.PRE) — 481KB
• apa-20240930_htm.xml (XML) — 1691KB

- 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 7 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 47 4. CONTROLS AND PROCEDURES 48

- OTHER INFORMATION

PART II - OTHER INFORMATION 1. LEGAL PROCEEDINGS 49 1A. RISK FACTORS 49 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 49 5. OTHER INFORMATION 49 6. EXHIBITS 50

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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 (In millions, except share data) REVENUES AND OTHER: Oil, natural gas, and natural gas liquids production revenues (1) $ 2,058 $ 2,079 $ 6,007 $ 5,500 Purchased oil and gas sales (1) 473 229 1,018 612 Total revenues 2,531 2,308 7,025 6,112 Derivative instrument gains (losses), net ( 10 ) — ( 17 ) 104 Gain on divestitures, net 1 1 284 7 Loss on previously sold Gulf of Mexico properties — — ( 83 ) — Other, net 18 — 26 77 2,540 2,309 7,235 6,300 OPERATING EXPENSES: Lease operating expenses (1) 418 394 1,216 1,076 Gathering, processing, and transmission (1) 123 89 328 245 Purchased oil and gas costs (1) 292 211 665 558 Taxes other than income 70 61 205 163 Exploration 29 49 248 144 General and administrative 92 139 270 276 Transaction, reorganization, and separation 14 5 156 11 Depreciation, depletion, and amortization 595 418 1,613 1,117 Asset retirement obligation accretion 36 29 112 86 Impairments 1,111 — 1,111 46 Financing costs, net 100 81 276 235 2,880 1,476 6,200 3,957 NET INCOME (LOSS) BEFORE INCOME TAXES ( 340 ) 833 1,035 2,343 Current income tax provision 260 422 845 1,022 Deferred income tax benefit ( 461 ) ( 144 ) ( 503 ) ( 22 ) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS ( 139 ) 555 693 1,343 Net income attributable to noncontrolling interest 84 96 243 261 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ ( 223 ) $ 459 $ 450 $ 1,082 NET INCOME (LOSS) PER COMMON SHARE: Basic $ ( 0.60 ) $ 1.49 $ 1.30 $ 3.50 Diluted $ ( 0.60 ) $ 1.49 $ 1.29 $ 3.50 WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 370 308 348 309 Diluted 370 308 348 309 (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 Comp

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 September 30, 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 v

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View this 10-Q filing on SEC EDGAR