APA Beats Estimates on Higher Crude Prices Amid Global Uncertainty

Oil and gas producer APA reported better-than-expected second-quarter profits, thanks to higher crude prices.

The company's realized price for each barrel of oil produced rose to $98.24 from $65.58 a year ago, while benchmark Brent crude prices averaged at $89.62 a barrel during the quarter, up 19.2% from last year.

APA's quarterly production declined nearly 12% to 410,000 barrels of oil equivalent per day (boepd), but the company increased its full-year U.S. oil production forecast to 123,000 bpd from 122,000 bpd.