Houston-based APA Corp. said recently it plans to return to single-digit growth in production in 2023 – driven by Permian Basin oil increases – after three years of production declines. APA said Nov. 2 in its announcement of 2022Q3 operating results that adjusted production was 310,000 boed with upstream capital investment of $492 million – below guidance of $515 million. APA said Permian Basin operations led the strong Q3 results through a combination of performance and timing of new well completions, strong base production and minimal downtime. Fullyear capital investment guidance remains $1.725 billion, and adjusted production forecast for Q4 is 328,000 to 332,000 boed.
John J. Christmann IV, CEO and president, said Nov. 3 preliminary plans anticipate 2023 capital expenses of $2.0 billion to $2.1 billion. Plans also include 5 rigs running in Permian Basin – 2 in Midland and 3 in Delaware basins. “As we plan for 2023,” he said, “our objectives remain the same. We will maintain capital discipline, target moderate production growth, work tirelessly to mitigate rising costs and continue to deliver meaningful emissions intensity reductions.”