APA Corporation
0HGC.L
$24.33 0.12%
Exchange: LSE | Sector: Energy | Industry: Oil Gas Energy
Q2 2024
Published: Aug 2, 2024

Earnings Highlights

  • Revenue of $2.54B up 41.6% year-over-year
  • EPS of $1.46 increased by 17.7% from previous year
  • Gross margin of 41.6%
  • Net income of 541.00M
  • ""We are committed to managing our costs while enhancing our production capabilities, allowing us to deliver solid returns to our investors even in a fluctuating market environment."" - John Christmann, CEO

APA Corporation (0HGC.L) QQ2 2024 Results: Strong Revenue Growth and Enhanced Profitability

Executive Summary

In the second quarter of 2024, APA Corporation (0HGC.L) reported robust financial performance, with revenue soaring 41.59% year-over-year to $2.54 billion. This remarkable growth was primarily driven by increasing production levels and higher oil prices. Consequently, net income jumped to $541 million, reflecting a staggering 41.99% year-over-year increase, alongside a significant improvement in Earnings Per Share (EPS) which rose 17.74% to $1.46. Despite a competitive landscape in the energy sector, APA's operational efficiency continued to enhance profitability. The operating income surged to $894 million, a 34.44% increase compared to FY2023, bolstered by effective cost management and strategic investments in drilling and production across key markets. Investors should consider these positive trends, as they signal APA's resilience and functionality in adapting to dynamic market conditions.

Key Performance Indicators

Revenue

2.54B
QoQ: 30.34% | YoY:41.59%

Gross Profit

1.06B
41.57% margin
QoQ: 12.93% | YoY:23.05%

Operating Income

894.00M
QoQ: 45.84% | YoY:34.44%

Net Income

541.00M
QoQ: 309.85% | YoY:41.99%

EPS

1.46
QoQ: 231.82% | YoY:17.74%

Revenue Trend

Margin Analysis

Key Insights

  • **Revenue:** $2.54 billion, up 41.59% YoY and 30.34% QoQ
  • **Net Income:** $541 million, an increase of 41.99% YoY and an impressive 309.85% QoQ
  • **EPS:** $1.46, reflective of a 17.74% YoY increase and 231.82% QoQ
  • **Operating Income:** $894 million, growing 34.44% YoY and 45.84% QoQ
  • **Gross Profit Margin:** 41.57% down slightly from 45.38% in Q1 2024 due to increased costs of revenue.

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q2 2025 2,178.00 1.66 -14.4% View
Q1 2025 2,636.00 0.95 +35.1% View
Q4 2024 2,712.00 0.96 +25.2% View
Q3 2024 2,531.00 -0.60 +9.7% View
Q2 2024 2,543.00 1.46 +41.6% View