APA Corp. reports Q1 adjusted EPS $1.19, consensus $1.03

Reports Q1 revenue $2.008B, consensus $1.81B. "APA began the year with strong operational performance and cost management," said John J. Christmann IV, APA’s CEO and president. "Our oil production exceeded expectations in the first quarter, and we plan to focus on oil-driven activity. APA’s diversified portfolio enables us to respond quickly to changing commodity prices and market dynamics. Accordingly, we are reducing lean gas drilling activity in the U.S. in response to weak Permian Basin natural gas pricing. In Suriname, appraisal work at Krabdagu is progressing, and results thus far are in line with expectations." First-quarter reported production was 394,000 BOE per day, and adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 318,000 BOE per day.