US shale producer APA surpassed Wall Street estimates for third-quarter profit on Wednesday, as higher oil prices helped | Hanami
US shale producer APA surpassed Wall Street estimates for third-quarter profit on Wednesday, as higher oil prices helped counter a drop in output.
The Iran war, now in its ninth month, has disrupted Middle East energy supplies and shipping through the Strait of Hormuz, a key maritime chokepoint.
The average price of benchmark Brent crude was 31% higher at $89.27 per barrel for the September quarter from a year earlier, while APA's realized price for each barrel of oil produced surged over 36% to $92.02.
The company said its production fell about 3% to 450,276 barrels of oil equivalent per day during the quarter, due to lower output in Egypt and the North Sea regions. #oott https://www.marketscreener.com/news/shale-producer-apa-beats-third-quarter-profit-estimates-ce785fdfd188f522