2024-05-10 13:23:57 ET
Summary
- APA Corporation missed the consensus for earnings per share in the first quarter of 2024 by 17%, mainly due to impairment charges in Alaska and Suriname.
- Most disappointing, however, was the announcement of lower than originally anticipated production following the merger with Callon Petroleum.
- In this update, I provide an update on my investment thesis, specifically considering the production guidance and news from APA's other segments (Egypt, North Sea and of course Suriname).
- I will also share whether I still think APA stock is a buy after the Q1 earnings report.
Introduction
Oil and gas exploration and production company APA Corporation ( APA ) reported its first quarter 2024 earnings last Wednesday, May 1. I first covered APA stock in a (modestly) bullish note published here on Seeking Alpha in February. The stock has seen some nice short-term gains against the backdrop of higher oil prices, but is now back down to $30, which I had previously considered a good price to initiate a position....
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For further details see:
APA Corporation Q1 Earnings: Still A Buy Despite Disappointing Production Guidance?