The company said its net income attributable to common stock for 2023 was $2.9 billion ($9.25 per diluted share), down from $3.7 billion ($11.02 per diluted share) in 2022. It cited significantly lower realized commodity prices as the main factor, partly offset by a non-cash deferred income tax benefit of about $1.7 billion from the release of most of its U.S. tax valuation allowance in Q4.

1. 01

   The company said its net income attributable to common stock for 2023 was $2.9 billion ($9.25 per diluted share), down from $3.7 billion ($11.02 per diluted share) in 2022. It cited significantly lower realized commodity prices as the main factor, partly offset by a non-cash deferred income tax benefit of about $1.7 billion from the release of most of its U.S. tax valuation allowance in Q4.

2. 02

   The company said it generated $3.1 billion of cash from operating activities in 2023, which was $1.8 billion (37%) lower than in 2022. It cited lower commodity prices and associated revenues, and the timing of working capital items, as the drivers. During the same year, it repurchased 8.7 million shares of its common stock for $329 million and paid $308 million in dividends to APA common stockholders.

3. 03

   The company said that on January 3, 2024, it entered into an all-stock agreement to acquire Callon Petroleum, valued at about $4.5 billion, including Callon's net debt. It also said it began development studies with TotalEnergies for Suriname Block 58, and that the recoverable resources for the two fields are estimated at about 700 million barrels. It said a final investment decision is expected by the end of 2024.

4. 04

   The company said it had incurred $819 million in decommissioning costs for Legacy GOM Assets as of December 31, 2023. It estimated its potential liability to perform or fund the remaining decommissioning at $824 million to $1.2 billion on an undiscounted basis and recorded a contingent liability of $824 million. It also recorded an asset of $199 million for amounts it expects to be reimbursed from Trust A, the Bonds, and the Letters of Credit.

Key figures

Fiscal year ended December 31, 2023

Operating income

$3.6B

EPS

$9.25

Operating cash flow

$3.1B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.