Shale producer APA beats third-quarter profit estimates
APA•APA reported adjusted third-quarter profit of $1.94 per share, above analysts’ average estimate of $1.55. Its realized oil price rose to $92.02 per barrel from $67.43 a year earlier, while production fell to 450,276 barrels of oil equivalent per day.
1. Profit tops estimates
APA posted adjusted profit of $1.94 per share for the three months ended September 30, beating analysts’ average estimate of $1.55 per share.
2. Prices rise, output falls
APA’s realized oil price was $92.02 per barrel, compared with $67.43 a year earlier. Production declined to 450,276 barrels of oil equivalent per day from 463,815.
3. Brent crude gains
The average Brent crude price was 31% higher at $89.27 per barrel for the September quarter than a year earlier. The article said Middle East energy supplies and shipping through the Strait of Hormuz had been disrupted by the Iran war.
