APA Corporation Reports Strong 4Q and Full-Year 2024 Results

APA Corporation announced robust financial and operational results for the fourth quarter and full-year 2024, highlighting solid earnings, cash flow, and strategic portfolio improvements. The company’s fourth-quarter financials included net income attributable to common stock of $354 million—adjusted to $290 million after excluding certain comparability items—with reported operating cash flow of $1.0 billion and adjusted EBITDAX of $1.6 billion. Production during the quarter reached 488,000 barrels of oil equivalent (BOE) per day on a reported basis, with adjusted production of 418,000 BOE per day.

For the full-year 2024, APA recorded net income of $804 million attributable to common stock and adjusted earnings totaling $1.3 billion. The company generated a net cash flow of $3.6 billion from operating activities, while its adjusted EBITDAX totaled $5.9 billion. Alongside these strong financial metrics, APA produced $841 million in free cash flow, repurchased $246 million of common stock, and returned $353 million in dividends during the year. The company also returned approximately 71% of free cash flow to shareholders.

Strategically, APA has been reshaping its portfolio. The firm highlighted the transformation of its Permian assets, including the acquisition of Callon Petroleum Company, which provided an initial 22% reduction in the breakeven oil price on key acreage. In addition, the company achieved a final investment decision for the GranMorgu Phase 1 project in Suriname and secured a new gas price agreement in Egypt—measures expected to enhance long-term growth prospects and portfolio quality.

Looking ahead to 2025, APA is planning an upstream capital budget in the range of $2.5 to $2.6 billion. This budget includes allocations of $200 million toward the GranMorgu project and $100 million for exploration activities, with total adjusted production expected to remain near 396,000 BOE per day. The company is also implementing cost-saving initiatives across overhead, lease operating expense, and capital expenditures, targeting sustainable annual savings of approximately $350 million by the end of 2027, while committing to return at least 60% of free cash flow to shareholders.

CEO John J. Christmann IV emphasized that the portfolio transformations—along with the balanced approach to capital allocation and cost management—have positioned APA well for steady growth. The strategic moves have strengthened the company’s balance sheet to investment-grade levels across major rating agencies, offering investors a clear outlook amid ongoing industry challenges.

APA Corporation will discuss its fourth-quarter and full-year results in a conference call scheduled for February 27, with additional details available on the company’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read APA’s 8K filing here.

About APA

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.