Sector: Energy|Industry: Oil & Gas Exploration & Production|Market Cap: $8.75B|Employees: 2K
APA Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. It has oil and gas operations in the United States, Egypt, and North Sea. The company also has exploration and appraisal activities in Suriname, as well as holds interests in projects located in Uruguay and internationally. APA Corporation was incorporated in 1954 and is headquartered in Houston, Texas.
Net income attributable to common stock decreased from $242 million in Q1 2023 to $132 million in Q1 2024. This decrease was primarily impacted by higher depreciation, depletion, and amortization (DD&A) and dry hole expense, and an upward revision on decommissioning costs for previously sold Gulf of Mexico assets, partially offset by lower deferred income tax expense.
Cash from operating activities increased by 10% YoY, from $335 million to $368 million. This was primarily driven by the timing of working capital items, suggesting underlying operational performance may not have improved as much as the cash flow indicates.
Total revenues decreased slightly from $2.030 billion in Q1 2023 to $1.903 billion in Q1 2024. This was driven by a decrease in natural gas revenues, which was offset by an increase in oil revenues.