Fri, Aug 2, 10:07 AM (225 days ago)
Apache Corporation's Q2 2024 financial report shows a net income of $464 million, up from $290 million in Q2 2023, driven by $276 million in net gains from divestitures and higher revenues from increased Permian Basin drilling activity. Despite higher depreciation costs and deferred income tax expenses, the company benefited from improved margins under third-party gas agreements due to lower natural gas prices. For the first six months of 2024, net income rose to $600 million from $427 million in the same period in 2023, aided by $283 million in gains from asset sales but offset by higher DD&A rates and losses on previously sold Gulf of Mexico properties. Operating cash flow was $1.1 billion, down 19% year-over-year due to working capital timing. Production saw a mixed trend: U.S. oil production increased by 8%, but overall natural gas and NGL production declined. Operating expenses rose slightly, with notable increases in LOE and G&A costs. The company also recorded no impairments in 2024, unlike in 2023. Future operations may be influenced by global economic conditions, commodity price volatility, and ongoing geopolitical tensions.