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APA Corporation Shares Drop Amid OPEC+ Production Increase Speculation
APA Corporation Shares Drop Amid OPEC+ Production Increase Speculation
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BTCCSquare news:
APA Corporation (APA -4.36%) shares fell 4.2% as of 11 a.m. ET following reports that OPEC+ members, including Saudi Arabia and Russia, may consider raising oil production. The potential MOVE aims to reclaim market share from higher-cost producers, directly impacting U.S.-focused explorers like APA.
The company's lack of downstream operations and reliance on higher-cost U.S. assets—62% of 2024 production—leaves it vulnerable to price declines. APA's Permian Basin operations break even at WTI prices ranging from high $30s to low $50s, making OPEC+'s supply decisions particularly consequential for its margin structure.
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