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APA Corporation has announced its financial and operational results for the first quarter of 2023 

APA results for 2023 Q1APA reported net income attributable to common stock of US$242mn. (Image Source: Adobe Stock)

APA reported net income attributable to common stock of US$242mn, or US$0.78 per diluted share. When adjusted for items that impact the comparability of results, APA’s first-quarter earnings were US$372mn, or US$1.19 per diluted share. Net cash provided by operating activities was US$335mn, and adjusted EBITDAX was US$1.3bn. The company generated US$272mn in free cash flow during the quarter.

"APA began the year with strong operational performance and cost management,' said John J. Christmann IV, APA’s CEO and president. "Our oil production exceeded expectations in the first quarter, and we plan to focus on oil-driven activity. APA’s diversified portfolio enables us to respond quickly to changing commodity prices and market dynamics."

APA plans to continue running an average of 17 drilling rigs in Egypt and five in the US.