APA Corporation Announces Dividend Increase, Declares Cash Dividend on Common Stock and Increases Share Repurchase Authorization

HOUSTON, Sept. 14, 2022 (GLOBE NEWSWIRE) — The board of directors of APA Corporation (Nasdaq: APA) announced an increase in the company’s common stock dividend from an annualized rate of 50 cents per share to $1.00 per share.

The next quarterly common stock dividend is payable on November 22, 2022 to shareholders of record on October 21, 2022, at the rate of 25 cents per share on the company’s common stock, down from 12.5 cents per share.

“Over the past year, we have significantly strengthened our balance sheet and are committed to returning at least 60% of our free cash flow to our shareholders through dividends and share buybacks,” said John. Christmann IV, CEO and President of APA. “The vast majority of this return is still provided through share buybacks; however, we are confident that our long-term cash flows will comfortably support this increase in base dividend payout. At an annualized rate of $1.00 per share, our dividend yield should exceed the current average dividend yield of the S&P 500.”

The board also approved an additional 40 million shares of additional stock repurchase authorization.

About the APA

APA Corporation has consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and in the Dominican Republic. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Additional details regarding Suriname, ESG performance and other investor-related topics are posted on investor.apacorp.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words such as “anticipates”, “has intention”, “plans”, “seeks”, “believes”, “continues”, “could”, “estimates”, “expects”, “advises”, “may”, “might”, “perspective “, “maybe”, “potential”, “projects”, “prospects”, “should”, “will”, “would” and similar references to future periods, but the absence of these words does not mean not that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations and operating objectives, including statements about our capital plans, drilling plans, production expectations, sales of assets and our monetizations. Although forward-looking statements are based on assumptions and analyzes that we have made and that we believe are reasonable under the circumstances, whether actual results and developments will meet our expectations and forecasts depends on a number of risks. and uncertainties that could cause our actual results, performance and financial condition to differ materially from our expectations. See “Risk Factors” in APA Form 10-K for the year ended December 31, 2021 and in our Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission for a discussion of risk factors. risk that affect our business. Any forward-looking statement made in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may arise from time to time and it is impossible for us to predict all of them. APA and its affiliates undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

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