The geopolitical headwinds have driven energy prices significantly higher this year. Oil prices had crossed $100 per barrel earlier this year, primarily because of Russia’s invasion of Ukraine. Oil prices rose to over $120 per barrel at one stage when the United States and its western allies-imposed sanctions on Russia, the third largest oil producer in the world.
Energy company APA Corporation (APA) has benefited from the higher crude oil prices. The company surpassed consensus EPS and revenue estimates in the last quarter. Its EPS came 12.1% higher than analyst estimates, while its revenue beat the consensus estimate by 23.7%.
