APA Corp. Discovers New Natural Gas in Egypt
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 5 days ago
0mins
Should l Buy APA?
Source: seekingalpha
- New Gas Discovery: APA Corp. has made a new natural gas discovery in Egypt's Western Desert with the SKAL-1X exploratory well, showing preliminary production rates of 26 million cubic feet per day and 2,700 barrels per day of condensate, significantly enhancing the company's resource base.
- Accelerated Production Potential: The discovery is located near existing infrastructure and production facilities, which is expected to accelerate the production launch while reducing capital expenditures, thereby improving the company's operational efficiency and profitability in the region.
- Collaborative Development Progress: This discovery marks the latest achievement in the collaboration between APA Corp. and the state-owned Egyptian General Petroleum Corp. to develop gas resources, following last November's discovery from the Gomana-1 exploration well, further solidifying their partnership.
- Optimistic Market Outlook: With the increasing global demand for natural gas, APA Corp.'s discovery in Egypt is poised to enhance its market competitiveness and potentially provide strong support for future investments and expansion.
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Analyst Views on APA
Wall Street analysts forecast APA stock price to fall
19 Analyst Rating
4 Buy
10 Hold
5 Sell
Hold
Current: 44.390
Low
21.00
Averages
26.17
High
40.00
Current: 44.390
Low
21.00
Averages
26.17
High
40.00
About APA
APA Corporation is an independent energy company. The Company owns subsidiaries that explore for and produce oil and natural gas in the United States, Egypt, and the United Kingdom, and that explore for oil and natural gas offshore Suriname. The Company’s upstream business has oil and gas operations in three geographic areas: the United States, Egypt and offshore the United Kingdom in the North Sea (North Sea). It also has active exploration and appraisal operations ongoing in Suriname, as well as interests in Uruguay and other international locations. It maintains a diversified asset portfolio, including conventional and unconventional, onshore and offshore, oil and natural gas exploration and production interests. In the United States, operations are primarily focused on the Permian Basin of West Texas. The Company has conventional onshore assets in Egypt’s Western Desert, and offshore assets on the United Kingdom’s Continental Shelf.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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