APA Cuts U.S. Natural Gas, NGL Output in Q3 as Prices Remain Weak

APA Corp. reduced U.S. natural gas output by 20 MMcf/d and NGL production by 1,400 bpd during the third quarter amid low commodity prices.

(Reuters) — Oil and gas firm APA Corp. said on Oct. 8 it cut about 20 million of cubic feet per day (MMcf/d) of U.S. natural gas production and 1,400 barrels per day of U.S. natural gas liquids production in the third quarter due to weak prices.

APA said net debt and free cash flow came in lower than expected, following third-quarter payments from the Egyptian General Petroleum Corporation and subsequent partner distributions totaling $173 million.

The company expects third-quarter average realized natural gas prices in the U.S. to be 70 cents per thousand cubic feet (Mcf) and $4.20 per Mcf globally.

APA had curtailed 10 MMcf/d of U.S. natural gas production and 750 bbl/d of natural gas liquids in the second quarter.