Shale producer APA beats first-quarter profit estimates

May 6 (Reuters) - U.S. shale producer APA APA.O beat Wall Street estimates for first-quarter profit on Wednesday, as stronger oil prices helped offset a decline in output.

The reported quarter was marked by macro uncertainty and extreme volatility in global oil prices as the U.S.-Israeli war on Iran disrupted supply routes and damaged key energy infrastructure in the Middle East.

APA said its realized price for each barrel of oil produced rose to $78.69, from $73.73 per barrel a year earlier.

However, quarterly total production fell 5.7% to 442,352 barrels of oil equivalent per day (boepd), due to lower output in the U.S. and the North Sea.

Most of the company's operations are based in the U.S., followed by Egypt, the North Sea and Suriname.

Energy producers have largely held back from boosting output following the surge in oil prices due to geopolitical uncertainty.

APA lowered its annual production forecast to roughly 431,000 boepd, from 436,000 boepd previously, though it continues to expect U.S. oil production of 122,000 bpd.

The company expects to curtail 35,000 boepd of production in the second quarter but anticipates no further curtailments in the second half of 2026.

It expects to produce 405,000 boepd in the current quarter.

The Houston, Texas-based company posted an adjusted profit of $1.38 per share for the three months ended March 31, compared with analysts' average estimate of $1.12, according to data compiled by LSEG.