APA Says Following The Completion Of The Callon Acquisition, APA Is Providing Revised FY24 Guidance. In 2024, APA Plans To Invest $2.7B In Upstream Oil And Gas Capital. The Company Expects To Average ~10 Rigs For The Remainder Of This Year In The U.S. As It Actively Manages And High Grades The Newly Combined Rig Fleet
Portfolio Pulse from Benzinga Newsdesk
APA Corporation has updated its FY24 guidance following the completion of the Callon acquisition. The company plans to invest $2.7 billion in upstream oil and gas capital in 2024 and expects to average around 10 rigs in the U.S. for the remainder of the year, as it integrates and optimizes the combined rig fleet.
May 01, 2024 | 8:37 pm
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APA Corporation has revised its FY24 guidance after acquiring Callon, planning a $2.7 billion investment in oil and gas capital and aiming to average around 10 rigs in the U.S. for the rest of the year.
The completion of the Callon acquisition and the subsequent revised FY24 guidance indicate a strategic expansion and optimization of APA's operations. The significant investment in upstream oil and gas capital and the planned average of 10 rigs in the U.S. reflect a positive outlook on operational efficiency and production capabilities. This strategic move is likely to be viewed positively by investors, potentially leading to an increase in stock price in the short term.
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