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.
APA, the holding company for Apache Corp., reported quarterly production of 385,000 boe/d, slightly below the 395,000 boe/d it produced a year ago.
The company’s net income attributable to common stock rose to $926 million, or $2.71 a share, in the three months ended June 30, from $316 million, or 82 cents per share, a year earlier.
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