HighGravityDataAPA Corporation — May 7, 2025 release
Fiscal 2025 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001673379-25-000013
Showing in the filing
Development capital (reduction)
“$150 million”
Period
FY2025
Measure
Company-defined measure
Source
Prose
All guidance in this release · 15
Expected savings for FY2025
“$130MM”
Annualized run-rate savings
“$225 million”
Total realized savings on controllable spend for FY2025
“$130 million”
Annualized run-rate savings target by end of… for FY2025
“$225 million”
Development capital (reduction) for FY2025
“$150 million”
Exploration capital (reduction) for FY2025
“$25 million”
Permian rig count to hold oil volumes sustai…
“6.5 rigs”
Permian rig count for Q2 FY2025
“6 rigs”
Rig count reduction by end of second quarter for Q2 FY2025
“6 rigs”
U.S. oil production for FY2025
“125,000 to 127,000 barrels per day”
Gas production volumes trend for FY2025
“continue on a strong growing trajectory, leading to higher average realized gas prices through the fourth quarter”
For income from third party oil and gas mark… for FY2025
“$575 million”
New Mexico divestiture package expected prod… for FY2025
“12.4 Mboe/d (46% oil)”
New Mexico Permian assets production for FY2025
“12.4 Mboe/d (46% oil)”
New Mexico divestiture expected closing for Q2 FY2025
“late in the second quarter”
Exhibit 99.1 · the passage around this item
… earlier in the release
“On the G&A front, we are streamlining our organizational structure and reducing discretionary third-party spend, as we simplify how we manage our assets.” Second-Quarter and Full-Year update Improved efficiencies and reduced activity will lower the company's 2025 development capital by $150 million. Combined with a $25 million reduction in exploration capital, these steps will protect free cash flow amidst volatile commodity prices. As the company integrated the Callon acquisition, activity was reduced to 8 rigs, a level capable of maintaining oil volumes in the Permian. With confidence in captured operating efficiencies, APA now expects to hold Permian oil volumes sustainably flat with 6.5 rigs. Given current market conditions the company is in the process of reducing activity to 6 rigs by the end of the second quarter and adjusting its completion schedule to align with this cadence. For 2025, APA is maintaining its full-year U.S. oil production guidance range of 125,000 to 127,000 barrels per day. In Egypt, given early success in the gas appraisal and development programs, gas-focused drilling has increased to over a third of the activity. The company expects 2025 gas production volumes to continue on a strong growing trajectory, leading to higher average realized gas prices through the fourth quarter. APA CORPORATION ANNOUNCES FIRST-QUARTER 2025 FINANCIAL AND OPERATIONAL RESULTS — PAGE 3 of 6 Hedging update APA entered into certain natural gas basis swap agreements for th
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.