APA said it received substantial payments from the Egyptian General Petroleum Corporation (EGPC) during Q3, and total distributions to its non-controlling interest partner in Egypt during Q3 were $173 million, compared to $126 million in Q1 and $91 million in Q2.

1. 01

   APA said it received substantial payments from the Egyptian General Petroleum Corporation (EGPC) during Q3, and total distributions to its non-controlling interest partner in Egypt during Q3 were $173 million, compared to $126 million in Q1 and $91 million in Q2.

2. 02

   The company explained that its definition of free cash flow excludes changes in working capital, so Egypt receivables did not increase free cash flow for Q3, but partner distributions are included in the definition and reduce free cash flow. APA said net debt and free cash flow were both lower than previously expected.

3. 03

   The company said it repurchased 3.1 million shares at an average price of $20.78 per share during Q3. APA estimated weighted-average basic common shares for Q3 at 357 million.

4. 04

   APA estimated average realized prices for Q3 in the United States at $66.00 per barrel of oil, $20.00 per barrel of NGL and $0.70 per Mcf of natural gas, and presented a net gain on oil and gas purchases and sales before tax of $177 million. The company said this gain includes the impact of realized gain or loss from commodity derivatives.

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Original filing

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