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Shares of APA rose 3% in extended trade, while those of Marathon climbed 1%.
Global energy markets have been volatile during the first three months of the 2023, falling nearly 20% from last year, but supply tightness following sanctions on Russian crude have kept prices at levels which are encouraging oil and gas producers to increase their output.
“Our oil production exceeded expectations in the first quarter, and we plan to focus on oil-driven activity,” John Christmann IV, APA’s chief executive, said in a statement.
APA said it was lowering full-year upstream capital investment guidance to $1.9 billion to $2.0 billion, with the entire $100 million decrease attributable to the reduction of lean gas activity in the Permian Basin.
The company’s total oil production rose 4% in the January-March quarter to 197,185 barrels per day (bpd).
Rival Marathon said its quarterly oil production increased 10.7% to 186,000 bpd.
Marathon posted adjusted income of 67 cents per share beating average analyst estimate of 60 cents per share, according to Refinitiv data.
APA’s adjusted earnings of $1.19 per share topped expectation of $1.03.
