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 increased to $541 million, or $1.46 per diluted share, compared to $381 million, or $1.23 per diluted share in the prior year. This was achieved despite a rise in operating expenses, indicating improved operational efficiency or higher revenues offsetting these costs.
Total revenues increased to $2,543 million from $1,796 million in the prior year, driven by the Callon acquisition and higher realized oil and NGL prices. This indicates successful integration of the acquired assets and favorable market conditions.
Depreciation, depletion, and amortization (DD&A) expense increased significantly to $588 million from $367 million in the prior year, impacting overall profitability. This increase is attributed to the Callon acquisition and negative price-related reserve revisions.