Houston-based APA Corp. said recently it expects to increase U.S. oil production by 8 percent in third quarter as it grows production in Permian Basin. John J. Christmann IV, CEO, said Aug. 1, “In the Permian Basin, we had outstanding second quarter oil production performance and are raising our outlook for the back half of the year after adjusting for asset sales.” Production averaged 473,409 boed in 2Q – up 19 percent from 398,000 boed in 2023Q2. It was APA’s sixth straight quarter to meet or exceed guidance. Oil production will average 143,000 b/d in 3Q and 150,000 in 4Q.
Christmann added, “During the first half of the year, our focus was on the smooth integration of the Callon assets. We are now poised for a strong second half where we will deliver significant organic oil production growth in the Permian Basin and expect to see a meaningful increase in free cash flow.”