APA Corporation (NASDAQ: APA) reported Q1 EPS of $0.78, $0.15 worse than the analyst estimate of $0.93. Revenue for the quarter came in at $1.95 billion versus the consensus estimate of $1.85 billion.

GUIDANCE

Following the completion of the Callon acquisition, APA is providing revised full-year 2024 guidance. In 2024, APA plans to invest $2.7 billion in upstream oil and gas capital. The company expects to average approximately 10 rigs for the remainder of this year in the U.S. as it actively manages and high grades the newly combined rig fleet.
“In the month since we closed the Callon acquisition, we have made significant progress in the
integration process,” Christmann said. “We believe the most compelling opportunities for value from the acquisition are in future capital efficiencies and the impact of the company’s increased oil exposure.”

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