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APA Corp APA Stock Quote

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Morningstar‘s Stock Analysis APA

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APA Committed to Returning 60% of Free Cash Through Buybacks and Dividends

Business Strategy and Outlook

| Dave Meats, CFA |

APA Corp. is an upstream oil and natural gas producer with assets in the U.S. and overseas. The vast majority of its domestic production is derived from the Permian Basin. This was a key growth engine for the company until 2020, when the coronavirus-related collapse in crude prices forced the company to dial back on drilling capital. Since then production has declined due to lower investment, though management now intends to grow its Permian output to prepandemic levels during 2022. It has recently focused on the same reservoirs that competitors are targeting (the Spraberry and Wolfcamp intervals in the Midland Basin and the Bone Spring and Wolfcamp formations in the Delaware). The firm also focuses on its own discovery in the Permian region, the Alpine High play, and in a higher natural gas price environment like we see today this competes effectively for capital. Alpine High wells are characterized by very strong initial production rates but with a much higher gas and natural gas liquids content than we'd expect elsewhere in the Permian.

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Company Profile APA

Business Description

Based in Houston, APA Corp. is an independent exploration and production company. It operates primarily in the U.S., Egypt, the North Sea, and Suriname. At year-end 2021, proved reserves totaled 913 million barrels of oil equivalent, with net reported production of 388 mboe/d (64% of which was oil and natural gas liquids, with the remainder comprising natural gas).

2000 Post Oak Boulevard, Suite 100
Houston, TX, 77056-4400
T +1 713 296-6000
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 2,253

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