APA Corporation

APA Corporation is an oil and gas exploration and production company. APA is focused on oil and natural gas exploration and production in the United States, Egypt, and the North Sea. APA's operations are primarily focused on onshore assets in the Permian Basin in West Texas and New Mexico as well as offshore assets in the North Sea and offshore Suriname. The company has approximately 2.9 billion barrels of estimated net proved reserves, over 80% of which is oil.

APA operates and holds working interests in over 2 million gross acres running six drilling rigs in the Midland and Delaware Basins targeting oil-rich zones in the Bone Springs, Wolfcamp, Spraberry, and Yeso formations. As of Q3 2023, the company's reported production of 412,000 barrels of oil equivalent (BOE) per day and generated $307 million in free cash flow during the quarter. 

The company made two significant oil discoveries at Block 58 in 2020 and 2021 - Maka Central and Sapakara West. Following successful appraisal drilling in 2022 and 2023, the discoveries are estimated to hold recoverable resources of approximately 700 million barrels of oil. APA returned 65% of free cash flow to shareholders through dividends and buybacks, including the repurchase of 5.5 million shares at an average price of $37.91 as oil volumes increased 16% driven by operating efficiencies and strong well performance in the Permian Basin.