APA Corporation (Neutral) announced the Modernized Production Sharing Contract (PSC) was approved by the Egyptian Parliament and now is waiting for the final ratification from Egyptian President. Once it gets the final approval, APA will provide updated guidance, including its revised investment plans and near-term production growth profile. Management believes the modernized PSC will return Egypt to the most attractive investment opportunity across APA’s global portfolio. APA has ~30% of its production from Egypt in 3Q and has already increased its drilling rig count to 11 (from 8 in 3Q) in anticipation of the final approvals by YE21
Time to send the jerk Neely out the door with nothing from our band account
jmho