Earnings Highlights APA, BKV, CRGY, EXE, & OVV

Apache Corporation (APA)
Apache realized an initial 22% reduction in their Permian breakeven oil price due to the acquired Callon Delaware acreage.  Lateral lengths increased about 15% in 2024 compared to 2023 in the Permian.
Total 2025 company adjusted production is expected to be relatively flat year-over-year.  Lower 48 oil volumes are expected to stay relatively flat YOY.  However, 2025 natural gas production will increase significantly YOY due to no price-related curtailments.  The company expects to run eight rigs in the Permian in 2025.


BKV Corporation (BKV)
BKV’s Q4 2024 total net production of 774.5 MMcfe/d was well above the guidance range of 720 - 750 MMcfe/d.  Q4 2024 production exceeded the guided range due to several factors, including better than forecasted well performance on new development, effective base decline management, and the accelerated pace of new development.


Crescent Energy (CRGY)
For Q4 2024, Crescent’s key metrics met or exceeded guidance expectations.  Enhanced operations, improving D&C costs of approximately 10%, and increasing well productivity in the Eagle Ford led to the production outperformance.
The Company drilled 22 gross operated wells (18 in the Eagle Ford and 4 in the Uinta), brought online 20 gross operated wells (15 in the Eagle Ford and 5 in the Uinta) and incurred capital expenditures (excluding acquisitions) of $221 million in Q4 2024.  For 2025, the Company plans to operate a flexible 4 - 5 rig program.


Expand Energy (EXE)
For 2025, the company expects to produce about 7.1 Bcfe/d for $2.7 billion of capital and deploy $300 million of incremental capital to create an additional 300 MMcfe/d of productive capacity in 2026.
Expand Energy operated an average of twelve rigs, drilled 44 wells, and turned 41 wells in line in 2024.  For 2025, the company expects to run 12 rigs.  Expand Energy intends to build incremental productive capacity for an additional $300 million by running 15 rigs in the second half of 2025.  This will position the company to grow production from a year-end 2025 exit rate of approximately 7.2 Bcfe/d to average approximately 7.5 Bcfe/d in 2026 should market conditions warrant.
The company revised the midpoint of its 2025 production guidance higher from the prior reporting quarter with production expected to increase significantly in Haynesville after Q1 2025. 


Ovintiv (OVV)
Ovintiv announced a full year 2025 capital program of approximately $2.2 billion.  Q4 2024 production was once again above the midpoint of guidance while CapEx was below the midpoint of guidance.  The production beat in Q4 2024 was driven by the Permian and Montney.