APA Oil and Gas Profits Soar on Higher Oil Prices

APA, an oil and gas producer based in Houston, Texas, reported higher profits in the second quarter due to increased oil prices. The company's realized price for each barrel of oil produced rose to $98.24 from $65.58 a year ago.

This increase was largely driven by concerns over disruptions to Middle East oil supplies and shipping through the Strait of Hormuz, which pushed benchmark Brent crude prices up 19.2% from a year earlier to an average of $89.62 a barrel during the quarter.

APA's quarterly production declined nearly 12% to 410,000 barrels of oil equivalent per day (boepd), with lower volumes from its U.S., Egypt, and North Sea operations contributing to the decrease.