APA Corp. said on Oct. 3 it was expecting to beat its U.S. crude output forecast for the third quarter, underscoring rising oil production in the country from pandemic lows, even as it expects a shortfall from its international operations.
Crude production in the United States is projected to rise to 11.79 MMbbl/d in 2022 from 11.25 MMbbl/d in 2021, as per a projection from the U.S. Energy Information Administration in September.
APA in August had forecast an output of 208,000 to 212,000 boe/d from its U.S. operations.
It now expects its third-quarter international crude production to fall below the lower end of its guidance of 171,000 boe/d, blaming significant unplanned downtime in its North Sea production in August and September.
It also estimated average realized prices for U.S. oil at $94/bbl for the third quarter, while international average realized oil price was estimated at $100/bbl.
The Houston-based energy company will host its third-quarter conference call on Nov. 3.
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