For the quarter ended September 30, 2024, APA Corporation reported total revenues of $2,531 million, a 9.7% increase from $2,308 million in the same quarter of 2023. However, the company experienced a net loss attributable to common stock of $(223) million, compared to a net income of $459 million in the prior year. This resulted in a net loss per share of $(0.60), down from earnings of $1.49 per share in Q3 2023. The significant decline in profitability was primarily attributed to $1.1 billion in impairments, including $793 million related to North Sea oil and gas properties and $315 million for assets held for sale in the Permian Basin.

For the nine months ended September 30, 2024, total revenues reached $7,025 million, a slight decrease from $7,589 million in the same period of 2023. Net income attributable to common stock was $450 million, down from $1,082 million in the previous year, reflecting a decrease in earnings per share from $3.50 to $1.30. The decline in net income was driven by impairments and increased expenses, although revenues benefited from higher production levels and contributions from acquired assets.

In terms of production, APA's oil production in the U.S. increased significantly, with daily production rising 71% to 143,299 barrels per day in Q3 2024. Overall, total oil production for the quarter was 256,306 barrels per day, a 23% increase from the previous year. The company also reported a 20% increase in natural gas liquids (NGL) production. However, natural gas production decreased by 33.2 million cubic feet per day, attributed to operational downtime and reduced activity in Egypt.

Strategically, APA completed the acquisition of Callon Petroleum Company on April 1, 2024, in an all-stock transaction valued at approximately $4.5 billion, which included Callon’s debt. This acquisition added significant assets in the Delaware and Midland Basins, contributing to increased production levels. Additionally, APA announced plans to sell non-core producing properties in the Permian Basin for $950 million, with proceeds aimed at reducing debt.

Financially, APA's cash flow from operating activities for the nine months ended September 30, 2024, was $2,584 million, a 23% increase from $2,099 million in the same period of 2023. The company also reported a total debt of $6.4 billion as of September 30, 2024, up from $5.2 billion at the end of 2023, while total equity increased to $6.16 billion from $3.69 billion during the same timeframe.