Houston-based APA Corp. said last week continued efficiency gains and improved uptime in Permian Basin helped its U.S. oil production exceed guidance in first quarter. U.S. oil production averaged 124,000 barrels per day. APA raised fullyear U.S. oil production guidance to 122,000 b/d. Permian capex for 2026 remains $1.3 billion.
APA also reported total production of 442,000 boed in first quarter. Upstream capital investment and lease operating expenses were below guidance.
John J. Christmann IV, CEO, said May 6, “Our first quarter results reflect consistent execution across the portfolio. We delivered strong operational performance, exceeded U.S. oil production guidance, and generated significant free cash flow while maintaining capital discipline.”
APA forecasts second quarter U.S. oil production of 121,000 b/d.