APA Corp

APA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$97.00	Fmfd	Xyyxqxxym

APA Earnings: Stronger Commodity Prices Boost Our Fair Value Estimate Amid Good Quarter

Stephen Ellis ,

Feb 22, 2024

APA delivered strong results, with production volumes of 405 thousand barrels per day (mboe/d) in 2023 just below the midpoint of guidance. We continue to see APA as extremely undervalued, and after refreshing our near-term commodity price forecast, we are increasing our fair value estimate to $65 from $61. The strength of the portfolio including Suriname provides ample opportunity for organic growth in the next few years even as it constrains potential cash returns to shareholders.

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