APA Q2 net income $926M, free cash flow $814M; acquires Permian assets for $505M

APA Corp

2022-Q2 EPS reported $8.15

Net income $926M ($2.71 diluted EPS); adj. EPS $2.37; net cash ops $1.535B; EBITDAX $1.957B; FCF $814M (double YoY).
Repurchased 7M shares in Q2 at $41.59; additional 6.9M in July at $33.87; 52.3M total since Oct 2021 at avg $31.19.
Acquired Texas Delaware Basin properties for $505M (closed $555M); production expected 12-14k BOE/d for remaining 5 months.
Full-year capex unchanged $1.725B; LOE raised $50M to $1.470B; adjusted production guidance reduced ~2%.
Net debt $5B (down from $6.7B); expect ~$3B FCF in 2022, at least $1.8B returned to shareholders.

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