APA Provides Q3 Supplemental Information; Expects Total Adjusted Production And Adjusted Oil Production To Be In The Upper Half Of Guidance Range
Portfolio Pulse from Benzinga Newsdesk
APA Corporation has provided Q3 supplemental information, expecting total adjusted production and adjusted oil production to be in the upper half of its guidance range. However, Q3 Egypt gross oil production was slightly below the company's guidance at approximately 145 thousand barrels per day. Furthermore, Q4 production in the UK North Sea is expected to decrease by 10% to 15% from the third quarter due to unscheduled compressor motor repairs.
October 05, 2023 | 9:58 pm
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APA Corporation's Q3 production is expected to be in the upper half of its guidance range, but Q3 Egypt oil production was slightly below guidance. Q4 production in the UK North Sea is expected to decrease by 10% to 15% due to unscheduled repairs.
The news directly pertains to APA Corporation's oil production. While the Q3 production being in the upper half of the guidance range is positive, the slightly lower than expected Q3 Egypt oil production and the expected decrease in Q4 UK North Sea production due to unscheduled repairs could negatively impact the company's stock price in the short term.
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