APA Crushes Q2 Earnings Expectations with Record Free Cash Flow

APA Corporation delivered a standout second quarter, driving free cash flow to $738 million, half-year FCF exceeded $1.2 billion, surpassing each of the past three full years.

The company's Permian Basin is now on track to deliver 123,000 barrels of oil per day this year, up from 120,000, while running only four rigs in the second half. This represents a dramatic collapse from the eight-rig plan originally set after the Callon acquisition.

APA reported net income of $747 million, or $2.11 per diluted share, and adjusted net income of $669 million ($1.89 per share) after stripping out an unrealized gain on basis hedges and other small items.

The company returned $189 million to shareholders through dividends and buybacks and repaid $673 million of bond debt.