Feb 21 (Reuters) - U.S. oil producer APA Corp (APA.O) , opens new tab reported fourth quarter earnings that missed Wall Street estimates on weaker North Sea production, and forecast flat spending and production this year.

Output was hit by a temporary shutdown during the quarter at its Beryl Bravo offshore platform and by compressor-related downtime at its Beryl Alpha and Forties assets in the North Sea.

Shares were off 2.8% in aftermarket trading. The company, which in January disclosed a $4.5 billion acquisition of shale oil producer Callon Petroleum (CPE.N) , opens new tab, traded at $31.44 at 4 p.m. on the Nasdaq market.

Oil and gas production remained flat at 414,000 barrels per day (boepd) for the fourth quarter and it forecast first-quarter production in the range of 396,000 to 398,000 boepd. Full year oil and gas output will be "relatively flat," the company said without providing a target.

It plans to spend between $1.9 billion and $2 billion this year on new projects, flat to down from last year. This year's budget includes $100 million for exploration primarily in Alaska and $50 million for Suriname.

"Given the potential for lower year-over-year commodities prices, we will prudently manage costs and high-grade capital to our most strategic opportunities," CEO John Christmann said in a statement.

The Houston, Texas-based company reported adjusted net income of $1.15 per share for the quarter ended Dec. 31, compared with analysts' average estimate of $1.35 per share, according to LSEG data.

https://www.reuters.com/business/energy/oil-producer-apa-misses-quarterly-profit-estimates-2024-02-21/