Oil producer APA’s second-quarter profit nearly triples

U.S. oil producer APA Corp (APA.O) reported a second-quarter profit that nearly tripled on Wednesday, bolstered by surging crude prices.

Houston, Texas based APA is the latest oil and gas producer to post sharply higher profits, benefiting from surging oil prices after demand rebounded to pre-pandemic levels and sanctions on major energy producer Russia dented global supply.

APA also said it had purchased properties in the Texas Delaware portion of the Permian basin during the quarter for $505 million from an undisclosed buyer.

Reuters reported earlier on Wednesday that APA was buying assets in Texas from privately owned Titus Oil & Gas.

APA, the holding company for Apache Corp, reported quarterly production of 385,000 barrels of oil equivalent per day (boepd), slightly below the 395,000 boepd it produced a year ago.

The company’s net income attributable to common stock rose to $926 million, or $2.71 a share, in the three months ended June 30, from $316 million, or 82 cents per share, a year earlier.