APA completed the acquisition of Callon Petroleum Company on April 1, 2024, adding approximately 120,000 net acres in the Delaware Basin and 25,000 net acres in the Midland Basin. This acquisition represents a significant expansion of APA's footprint in key Permian Basin areas.

Following the Callon acquisition, APA revised its full-year 2024 estimated upstream capital investment to approximately $2.7 billion. This indicates a strategic reallocation of capital towards integrating and developing the acquired Callon assets.

The Company expects to average 10 drilling rigs in the U.S. for the remainder of 2024 as it integrates Callon operations, including contracting and logistics, well planning and design, drilling and completions, and facility construction.

The Company averaged 17 drilling rigs and drilled 17 new productive wells during the first quarter of 2024. During the same period, the Company averaged 21 workover rigs as it continues to align its drilling and workover activity with a goal of driving improved capital efficiency.

The Company suspended all new drilling activity in the North Sea during the second quarter of 2023. The Company's investment program in the North Sea is now directed toward safety, base production management, and asset maintenance and integrity.

Projects with suspended exploratory well costs capitalized for a period greater than one year since the completion of drilling are those identified by management as exhibiting sufficient quantities of hydrocarbons to justify potential development. Management is actively pursuing efforts to assess whether proved reserves can be attributed to these projects.

The Company recognized $66 million of "Loss on previously sold Gulf of Mexico properties," which includes increases of $33 million related to orders received during the period from BSEE to decommission properties previously sold to Cox Operating LLC. This highlights ongoing financial risks associated with divested assets.

Apache is vigorously pursuing its claims against sureties who refuse to pay bond draws related to decommissioning obligations on sold GOM properties. The outcome of these claims is uncertain and could impact the company's financial position.

The Company experienced a gradual decline in the timeliness of receipts from the Egyptian General Petroleum Corporation (EGPC) for the Company's Egyptian oil and gas sales. Continuation of the currency shortage in Egypt could lead to further delays, deferrals of payment, or non-payment in the future.

Daily oil production from the Company's U.S. assets increased 16 percent from the first quarter of 2023. During the first quarter of 2024, the Company averaged six drilling rigs in the U.S., including three rigs in the Southern Midland Basin and three rigs in the Delaware Basin, and drilled and brought online 12 operated wells in the quarter.

First quarter 2024 gross and net equivalent production in the Company's Egypt assets decreased 8 percent from the first quarter of 2023, while daily oil production remained essentially flat.

The Company suspended all new drilling activity in the North Sea during the second quarter of 2023. The Company's investment program in the North Sea is now directed toward safety, base production management, and asset maintenance and integrity.

LOE increased $17 million compared to the first quarter of 2023. On a per-unit basis, LOE increased 7 percent in the first quarter of 2024 when compared to the first quarter of 2023. Overall higher labor costs and other operating costs trending with global inflation drove an increase in absolute LOE.

Purchased oil and gas costs decreased $53 million in the first quarter of 2024, to $163 million from $216 million in the first quarter of 2023. The decrease is a result of lower average natural gas prices in the first quarter of 2024 compared to the first quarter of 2023.

Taxes other than income increased $5 million from the first quarter of 2023, primarily from higher severance taxes driven by increased production volumes and higher oil prices in the U.S. compared to the prior-year period.

The filing does not contain specific details regarding new R&D investments, technological capabilities, digital transformation efforts, or intellectual property positions. This suggests a lack of focus on these areas in the current reporting period.

The Company repurchased 3.0 million shares for $101 million in Q1 2024, compared to 3.7 million shares for $142 million in Q1 2023. This indicates a slight decrease in the pace of share repurchases.

For the quarters ended March 31, 2024 and 2023, the Company paid $76 million and $78 million, respectively, in dividends on its common stock.

On March 18, 2024, the Company sold its remaining Kinetik Shares for cash proceeds of $428 million. Refer to Note 6—Equity Method Interests for further detail.

The filing does not provide substantial information regarding environmental commitments, social responsibility initiatives, or governance practices beyond standard disclosures. This suggests a lack of material progress or new developments in these areas during the reporting period.

The Company's revenues, earnings, cash flow, capital investments and, ultimately, future rate of growth are highly dependent on the prices the Company receives for its crude oil, natural gas, and NGLs, which have historically been very volatile because of unpredictable events.

The Company continually monitors its market risk exposure, as oil and gas supply and demand are impacted by uncertainties in the commodity and financial markets associated with the conflict in Ukraine, the conflict in Israel and Gaza, actions taken by foreign oil and gas producing nations, including OPEC+, global inflation, and other current events.