APA Raises Permian Oil Production Forecast Amid Efficiency Gains

APA Corp., a Houston-based company, has raised its 2026 US oil production forecast to 123,000 barrels per day (b/d), up from an earlier estimate of 122,000 b/d. This increase is due to the company's efficiency gains in drilling and operational improvements, which have allowed it to produce more oil without spending more.

The Permian Basin output came in at nearly 123,500 b/d in the second quarter, beating APA's internal estimates by 2%. The company has also maintained its projected US capital expenditure steady at $1.3 billion.

CEO John Christmann attributed the production beat to improvements across drilling, completions, and field operations reliability. These gains are feeding directly into the cost structure, with APA on track to save $3.5 million per month in operations by year-end.