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Apache Slightly Exceeds Guidance in First Quarter, 2021 Outlook Unchanged

Analyst Note

| Dave Meats, CFA |

Apache’s reported production was 382 mboe/d in the first quarter (7% lower sequentially and 18% lower year over year). Adjusted production, which excludes tax barrels and noncontrolling interests, was 326 mboe/d. This was slightly better than guidance of 324, which already incorporated the impact of Winter Storm Uri. The ultimate impact of the storm was about 14 mboe/d, which is less than management originally anticipated, but the benefit to production was offset by North Sea downtime and the impact of higher crude prices on cost recovery volumes (as fewer barrels are required to offset costs when prices are higher, reported production decreases, though higher prices are still positive for revenue).

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Company Profile

Business Description

Apache, 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 2020, proved reserves totaled 874 million barrels of oil equivalent, with net reported production of 440 mboe/d (66% 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 Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 2,272