Oil Producer APA’s Second-quarter Profit Nearly Triples

Houston-based APA is the latest oil and gas producer to post sharply higher profits, benefiting from surging oil prices after demand rebounded to pre-pandemic levels and sanctions on major energy producer Russia dented global supply.

Ruhi Soni, Reuters

U.S. oil producer APA Corp. reported a second-quarter profit that nearly tripled on Aug. 3, bolstered by surging crude prices.

Houston-based APA is the latest oil and gas producer to post sharply higher profits, benefiting from surging oil prices after demand rebounded to pre-pandemic levels and sanctions on major energy producer Russia dented global supply.

APA also said it had purchased properties in the Texas Delaware portion of the Permian Basin during the quarter for $505 million from an undisclosed buyer. Reuters reported earlier on Aug. 3 that APA was buying assets in Texas from privately owned Titus Oil & Gas.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access