APA Corp., a Houston-based oil and natural gas exploration company, anticipates robust results for the third quarter of this year. The company projects that its total adjusted production and adjusted oil output will fall within the upper range of its guidance.
The impressive quarterly production figures are mainly attributed to the stellar performance of Permian oil and U.K. North Sea volumes. However, APA expects a slight dip in oil production from its Egypt business compared to the previously set guidance.
Looking ahead, the company foresees a 10% to 15% decrease in U.K. North Sea production during the fourth quarter. This decline is primarily due to unplanned compressor motor repairs, resulting in unscheduled downtime for the offshore platforms.
Previously, APA Corp had estimated an average total adjusted output of 337,000 to 339,000 barrels of oil equivalent per day for the third quarter. Furthermore, the projected adjusted oil production was expected to be around 159,000 to 161,000 barrels of oil per day.
Despite these fluctuations, APA Corp remains optimistic about its overall performance in the oil and natural gas sector.
Ben Glickman is a renowned writer specializing in energy markets and company analysis.