APA Corp Defies Expectations with Strong Natural Gas Performance
APA Corp reported profits exceeding Wall Street estimates due to increased natural gas production, offsetting lower crude prices. The company's oil output decreased, but a 7% rise in natural gas output helped achieve an adjusted profit of 87 cents per share, surpassing analysts' expectations of 48 cents.
In a surprising turn of events, APA Corp exceeded Wall Street's profit expectations this quarter, driven by an uptick in natural gas production. The favorable outcome comes despite a decline in crude oil prices.
The company reported a decrease in total oil output to 235,244 barrels per day, a drop from last year's 253,649 barrels per day. However, a 7% increase in natural gas output provided a significant buffer.
For the three-month period ending June 30, APA Corp achieved an adjusted profit of 87 cents per share, markedly higher than the average analyst prediction of 48 cents per share, as reported by LSEG data.
(With inputs from agencies.)
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