APA Corporation’s Review Post Q1 Beat
<p>Analysts at RBC Capital provided their views on <a href='https://financialmodelingprep.com/financial-summary/APA'>APA Corporation (NASDAQ:APA)</a> following recently announced Q1 earnings, with EPS of $1.19 coming in better than the Street estimate of $1.07. Revenue was $2.01 billion, beating the Street estimate of $1.89 billion.</p>
<p>The company reduced its fiscal 2023 budget by $100 million to $2.0-$2.1 billion but maintained the 404-408 Mboe/d production guidance and adjusted oil production of 159 Mb/d. Production guidance excludes potential gas production curtailments, which the analysts think is likely, although should not impact the company's overall volume outlook.</p>
<p>The analysts expect the company to remain near its 60% minimum free cash flow shareholder payout strategy to focus remaining liquidity on reducing its outstanding revolver balance which was at $983 million in Q1/23.</p>

NASDAQ:APA