APA Q3 2024: adjusted EPS $1.00 beats; GAAP loss $0.60 on impairments; FID on Suriname

APA Corp

2024-Q3 EPS reported $1.29

Adjusted earnings $370M ($1.00/diluted share); GAAP net loss $223M ($0.60/sh) from U.K. and Permian impairments.
Reported production 467k BOE/d; adjusted (ex-Egypt noncontrolling & tax barrels) 395k BOE/d, ~2% above guidance.
Announced final investment decision on 220k bbl/d oil project in Suriname (GranMorgu), targeting first oil in 2028.
Signed $950M non-core Permian Basin divestiture package; reduced net debt by $275M; credit rating upgraded to BBB- by S&P.
2025 preliminary capex budget $2.5-2.6B (incl. $200M Suriname); expects adjusted oil production roughly flat in US/Egypt.

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