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APA Tops Q2 Production Guidance, Raises 2026 US Oil Output Outlook

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APA on Wednesday reported Q2 2026 total production averaged 410,000 barrels of oil equivalent per day, down 12% from the same quarter a year ago.

The company said adjusted average production also fell by 12% in the quarter ended June 30 to 347,000 Boe/d, but added that both figures surpassed guidance.

It said US oil production averaged 123,500 b/d, about 2,500 b/d above guidance, reflecting drilling and completion efficiency gains as well as strong base production in the Permian Basin.

In Egypt, adjusted production averaged 61,000 Boe/d, in line with guidance, while gross production reached 207,000 Boe/d. Gross natural gas production rose to 539 million cubic feet per day, supported by continued execution of the company's gas-focused development program. APA said nearly half of its Egypt gas production is now benefiting from a revised gas pricing agreement.

The company also raised its full-year 2026 US oil production outlook to 123,000 b/d while maintaining its US capital spending budget at $1.3 billion.

APA said it continues to expect total upstream capital investment of about $2.07 billion for the year, reflecting lower exploration spending due to a shift in the timing of exploration activity at Suriname Block 58.

The company also lowered its full-year lease operating expense guidance by $25 million to $1.5 billion, citing ongoing cost-saving initiatives.

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