Oil Producer APA Curtails Production in Fourth Quarter

(Reuters) – U.S. shale producer APA Corp said on Wednesday it curtailed about 23,500 barrels of oil equivalent per day of production in the fourth quarter due to weak commodity prices.

U.S. natural gas prices collapsed to multi-year lows in 2024, with prices at the Waha hub in the Permian shale basin in West Texas turning negative a record number of times.

APA curtailed production in all quarters of fiscal 2024, primarily because of weakness in natural gas prices.

The company will release its financial results in February. Analysts expect APA to post a profit of 93 cents per share, according to data compiled by LSEG.

Reporting by Vallari Srivastava in Bengaluru; Editing by Subhranshu Sahu

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