APA Corp says it reduced its natural gas production in the third quarter – 10/09/2024 at 11:13 p.m.

((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

(Added information on low commodity prices and details on production cuts in paragraphs 2-4)

U.S. shale producer APA Corp APA.O cut natural gas production by about 103 million cubic feet per day (MMcf/d) during the third quarter due to weak commodity prices, said the company on Wednesday.

Prices for U.S. natural gas NGc1 collapsed to multi-year lows earlier this year, with prices at the Waha hub NG-WAH-WTX-SNL, located in the Permian Shale Basin. in West Texas, having gone negative a record number of times in 2024.

APA has cut production in all quarters of fiscal 2024 so far, primarily due to weak natural gas prices.

For the third quarter, it expects average realized natural gas prices in the United States to be 15 cents per thousand cubic feet (Mcf) and $3.30 per Mcf globally.

The company also reduced production by 10,000 barrels per day (bpd) of natural gas liquids in the July-September quarter.

APA had halted 78 million cubic feet per day of natural gas production and 7,600 barrels per day of natural gas liquids during the second quarter.