APA Raises US Oil Forecast After Surprising Q2 Production

APA Corporation has reported impressive second-quarter results, surpassing its production forecasts and generating significant operating cash flow. The company's U.S. oil production reached 123,500 barrels per day, exceeding guidance by 2,500 bpd due to drilling and completion efficiencies in the Permian Basin.

APA raised its full-year U.S. oil production forecast to 123,000 bpd while maintaining its domestic capital budget at $1.3 billion. The company also lowered its lease operating expense forecast by $25 million to $1.5 billion.

In Egypt, APA's adjusted production averaged 61,000 boepd, in line with guidance, and gross output reached 207,000 boepd. Gross natural gas production rose to 539 million cubic feet per day as the company continued its gas-focused development program.