APA Corp. lowers FY upstream capital investment guidance to $1.9B-$2B

APA is lowering full-year upstream capital investment guidance to $1.9- to $2.0 billion, with the entire $100 million decrease attributable to the reduction of lean gas activity in the Permian Basin. This change is not expected to have a material impact on 2023 U.S. production. Other capital activity for the year is unchanged, as the company plans to continue running an average of 17 drilling rigs in Egypt and five in the U.S. As previously disclosed, APA will release the Ocean Patriot semisubmersible drilling rig in the North Sea around midyear.