Key facts
- APA Corp. reported Q2 profit of $1.89 per share.
- Analysts estimated APA Corp.'s Q2 profit at $1.87 per share.
- Brent crude averaged $89.62 during Q2.
- APA Corp.'s production declined by nearly 12% in Q2.
- ConocoPhillips completed a $1.7 billion asset sale.
- ConocoPhillips surpassed its $5 billion divestiture target.
- ConocoPhillips reported strong quarterly profits.
- CEO Ryan Lance will retire from ConocoPhillips on September 1.
- CFO Andy O'Brien will succeed Ryan Lance as CEO of ConocoPhillips.
- Oil prices surged on Thursday due to Middle East tensions.
- Oil prices remain below last week's peak.
APA Corp. surpassed second-quarter profit expectations, announcing earnings of $1.89 per share, which exceeded the analyst estimate of $1.87 per share. This performance was attributed to higher crude prices, with Brent crude averaging $89.62 during the period. However, these higher prices did not fully compensate for a nearly 12% decline in APA Corp.'s production volumes.
In parallel, ConocoPhillips has finalized the sale of its noncore Lower 48 assets for $1.7 billion. This transaction allowed the company to exceed its overall divestiture target of $5 billion. ConocoPhillips also reported strong quarterly profits alongside the completion of this asset sale. The company announced that CEO Ryan Lance is set to retire on September 1, and will be succeeded by current CFO Andy O'Brien.
Separately, oil prices experienced a significant surge on Thursday, reversing earlier downward trends. This price increase was primarily driven by escalating tensions in the Middle East. Despite the sharp rise, oil prices remained below the peak levels observed last week, providing a degree of relief in the market. The average price for Brent crude during APA Corp.'s second quarter was $89.62.