-- APA (APA) reported Wednesday total production of 442,000 barrels of oil equivalent per day in Q1.
This figure includes volumes from Egypt's noncontrolling interests and tax barrels, when adjusted for those items, the company's net production stood at 363,000 BOE per day.
The results were bolstered by significant outperformance in the US, where oil production averaged 124,000 barrels per day, surpassing the company's previous guidance.
These operational successes have prompted APA to raise its full-year 2026 US oil production outlook to 122,000 barrels per day, up from prior estimates.
Internationally, APA's Egypt operations remained a key contributor, though adjusted production levels were impacted by high global oil prices.
Under the region's production sharing contracts, higher prices result in fewer tax barrels being allocated to the company, leading to an adjusted average of 71,000 BOE per day for the quarter.
However, the company noted that underlying gross oil production remained strong.
Meanwhile, gross gas production in Egypt averaged 518 million cubic feet per day. Looking forward, for the full year the producer reaffirmed its Egypt gas guidance of 540-550 MMcf per day.