Peyton Manning to Host College Bowl Quiz Show Revival, Coming to NBC This June

GlobeNewswire

APA Corporation Provides First-Quarter Supplemental Information and Schedules Results Conference Call for May 6 at 10 a.m. Central Time

HOUSTON, April 15, 2021 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) today provided supplemental information regarding certain first-quarter 2021 financial and operational results. Supplemental quarterly informationTo further assist analysts with their first-quarter earnings models, the company is providing the following estimates: Estimated Average Realized Prices – 1Q21 Oil (bbl)NGL (bbl)Natural Gas (Mcf)United States$57.00$23.00$4.40International$61.00$47.50$3.40 Egypt tax barrels: 24-25 MBoe/dRealized gain on commodity derivatives (before tax): $148 millionUnrealized gain on commodity derivatives (before tax):$26 millionDry hole costs (before tax): $19-23 millionNet loss on oil and gas purchases and sales (before tax):$54 million First-quarter 2021 production guidance updateAPA is providing the following adjustments to its expected production for the first-quarter 2021: Total Adjusted Production guidance remains 324 Mboe/d, which reflects an increase in U.S. volumes to 208 Mboe/d from previous guidance of 204 Mboe/d. Roughly half of this increase is attributable to oil volumes. Partially offsetting higher U.S. volumes, International adjusted production for the first-quarter 2021 is estimated at 116 Mboe/d, compared to 120 Mboe/d in the prior guidance, which is a result of production sharing contract affects associated with higher realized oil prices in Egypt and extended maintenance downtime in the North Sea. Impact of hedging and marketing activity in 1Q21 As ordinary course of business, Apache’s marketing team generally seeks to maintain a balance between “first of month” and “gas daily pricing” for its U.S. natural gas portfolio. This is typically implemented through a combination of physical and financial contracts. In late January 2021, Apache entered into financial contracts that increased its exposure to “gas daily pricing” and reduced its exposure to “first of month” pricing for the month of February. Given the subsequent and unprecedented daily gas price volatility across Texas during February, these contracts resulted in a 1Q21 realized gain of $147 million. Apache also incurred a net loss on oil and gas purchased and sold during the quarter of approximately $54 million. This was primarily attributable to transport, fuel, and physical gas purchases and sales made by Apache to fulfill natural gas takeaway obligations, the extent of which was also exacerbated by the extreme price volatility during the month of February. The impact of both of these factors on financial results in 1Q21 was unusual and is not expected to recur at this magnitude in future quarters. First-quarter 2021 earnings callAPA Corporation will host its first-quarter 2021 results conference call on Thursday, May 6 at 10 a.m. Central time. The company will issue its earnings release after the market close on Wednesday, May 5. The full text of the release will be available on the company’s website at www.apacorp.com. The conference call will be webcast from APA’s website at investor.apacorp.com, and the webcast replay will be archived there as well. The conference call will also be available for playback by telephone for one week beginning at approximately 4 p.m. Central time, May 6. To access the telephone playback, dial (855) 859-2056 or (404) 537-3406 for international calls. The conference access code is 5490148. About APA APA Corporation owns consolidated subsidiaries that explore for and produce oil and gas in the United States, Egypt and the United Kingdom and that explore for oil and gas offshore Suriname. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Specific information concerning Suriname, ESG performance and other investor-related topics are posted at investor.apacorp.com. Forward-looking statements This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in Apache’s Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on February 25, 2021, for a discussion of risk factors that affect our business. Any forward-looking statement made by APA and/or Apache in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. APA and Apache undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law. Contacts Investor:(281) 302-2286 Gary ClarkMedia:(713) 296-7276 Phil West Website:www.apacorp.com APA-G