** Shares of oil producer APA Corp APA.O rise 4.1% to $16.12
** Company late on Wednesday beat Q1 profit estimate, benefiting from a rise in output that helped offset falling crude prices
** APA reports Q1 adjusted profit of $1.06/shr vs estimate of 83 cents/shr - data compiled by LSEG
** Company also says it would sell its New Mexico Permian assets for $608 million as part of an effort to streamline operations and focus on core areas
** "We are seeing better cost savings, while asset divestiture accelerates debt reduction efforts" - TPH Energy Research
** Including session's moves, APA shares down 31.5% YTD
(Reporting by Sumit Saha in Bengaluru)
((Sumit.Saha@thomsonreuters.com;))
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