Houston-based APA Corp. said last week continued strength in its Permian Basin operations drove its U.S. oil volumes above guidance in first quarter – marking the fifth straight quarter of meeting or exceeding guidance. U.S. oil production increased in Q1 by 16 percent over 2023Q1. First quarter reported production was 389,000 boed.
John J. Christmann IV, CEO, said May 1, “In the Permian Basin, where we are consistently delivering excellent results, we added scale and oil leverage with the recently closed Callon Petroleum acquisition. We are currently focused on integrating the Callon assets and have identified compelling opportunities to generate value across the acquired assets base through changes in planning and well design, drilling and completions, and many aspects of daily operations.”
In 2024 APA plans to invest $2.7 billion in upstream oil and gas capital and average about 10 rigs for the remainder of the year in U.S. The company also said it will curtail production of natural gas in Permian “due to extreme Waha basis differentials.”