APA said net income attributable to common stock for Q1 2024 was $132 million, or $0.44 per diluted share, compared with $242 million ($0.78) for Q1 2023. The company said the results reflected higher DD&A and dry hole expense and an upward revision to decommissioning costs for its previously sold Gulf of Mexico assets, partially offset by lower deferred income tax expense.

1. 01

   APA said net income attributable to common stock for Q1 2024 was $132 million, or $0.44 per diluted share, compared with $242 million ($0.78) for Q1 2023. The company said the results reflected higher DD&A and dry hole expense and an upward revision to decommissioning costs for its previously sold Gulf of Mexico assets, partially offset by lower deferred income tax expense.

2. 02

   The company said it completed its acquisition of Callon Petroleum Company on April 1, 2024. The all-stock transaction was valued at approximately $4.5 billion, including Callon's debt. Each share of Callon common stock was converted into 1.0425 shares of APA common stock, and APA issued approximately 70 million shares in the transaction.

3. 03

   APA said it generated $368 million of cash from operating activities in the first 3 months of 2024. It said it repurchased 3.0 million shares for $101 million and paid $76 million in common stock dividends over the same period. As of March 31, 2024, the remaining repurchase authorization was 40.9 million shares.

4. 04

   The company said it borrowed $1.5 billion under unsecured senior term loans maturing April 1, 2027 on April 1, 2024. It said it used the proceeds to refinance part of Callon's debt and to pay related fees and expenses. As of March 31, 2024, total debt was $5.2 billion.

Key figures

Quarter ended March 31, 2024

Operating income

$691M

Net income

$212M

EPS

$0.44

Operating cash flow

$368M

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.