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APAAPA

Legal name
APA Corporation
Sector
Energy
Industry
Crude Petroleum & Natural Gas
Exchange
Nasdaq

Stock Price $APA

Latest filings

You are here#33 of 33 in Energy by market cap

Filing record · 2021–202610-K510-Q188-K64

APA filed 5 annual reports (10-K), 18 quarterly reports (10-Q) and 64 current reports (8-K) between 2021 and 2026.

  1. Material agreement8-K · May ’22May ’22
  2. Leadership change8-K · Apr ’24Apr ’24
  3. Leadership change8-K · May ’26May ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

No annual data available for revenue

Click a bar to open its SEC filing

All APA Financial Metrics50 metrics

Income Statement13

Balance Sheet23

Cash Flow9

Per Share5

02—Overview

APA Financial Overview 2021–2025

Updated Nov 6, 2026

At the close of FY2025, APA traded at $24.46a, just 6.1x earnings, for a market cap of $8.6 billion. That is a low price for a company that has spent five years repairing its balance sheet while still paying shareholders. The core thesis: APA is a deleveraging cash generator, but its earnings peak is behind it, and the low multiple reflects that.

The long-term arc is clear. Net income attributable to common stock rose from $973 million in FY2021 to $1.4 billionb in FY2025, after peaking at $3.674 billion ($11.02 per share) in FY2022. Total debt fell from $7.5 billion at the end of FY2021 to about $4.5 billion at the end of FY2025, and equity swung from a $717 million deficit to a positive $1.345 billion by FY2022. Proved reserves grew from 913 MMboe to 1,056 MMboe over the same span.

The latest year shows the engine still running. Operating cash flow hit $4.5 billionc in FY2025, up $925 million, even as realized oil prices fell 14% to $66.92 per barrel. Debt dropped about $1.6 billion in the year. Shareholders received $360 million in dividends and $280 million in buybacks. Earnings also benefited from the absence of the $1.1 billion of impairments that hit FY2024.

The caveats are concrete. A $881 milliond Gulf of America decommissioning contingency remains on the books, and North Sea production is slated to end before 2030.

Recent Developments (Q2 and Q3 2026)

APA delivered robust operational results through Q2 2026 and Q3 2026, propelled by surging oil realizations. In Q3 2026, total revenues jumped to $2.77 billione from $2.12 billion in Q3 2025, supported by a 36% increase in average realized oil prices to $92.02 per barrel and a 5% rise in U.S. daily production. Net income reached $747 million in Q2 2026 and $698 million in Q3 2026. Management accelerated debt reduction, pushing total debt down to $3.3 billion by the end of Q3 2026, while returning $537 million to shareholders in the third quarter alone.

The bull case highlights aggressive balance-sheet repair and a raised full-year free cash flow outlook of $2.9 billion, while the bear case notes volatile natural gas pricing and persistent regulatory and decommissioning liabilities. The stock trades at 10.9x earnings at $43.48 per share as of the Q3 2026 filing date, reflecting moderate valuation expansion alongside improved commodity realizations.

What to watch: Permian Basin natural gas curtailments; progress on the $2 billion net debt target

03—Filings

Recent SEC Filings

  1. 8-KAPA 8-K Report, Financial Results (Nov 4, 2026)APA Corporation reported strong third-quarter 2026 financial and operational results, exceeding production guidance. The company generated significant net cash from operating activities and robust free cash flow, enabling substantial returns to shareholders through share repurchases and debt reduction. Production in the U.S. oil segment outperformed expectations due to high uptime and strong well performance. Operationally, APA demonstrated efficiency gains, particularly in the Permian Basin, and is reiterating its commitment to cost savings targets. Financially, the company has made significant progress in deleveraging its balance sheet, repaying substantial debt maturities and lowering its net debt target. The outlook for full-year 2026 free cash flow has been increased, reflecting positive operating performance and commodity price environment.
  2. 8-KAPA 8-K Report, Financial Results (Oct 7, 2026)APA Corporation (Nasdaq: APA) issued a press release on October 7, 2026, furnished as Exhibit 99.1 to this Form 8-K, providing supplemental information on certain financial and operating results for the quarter ended September 30, 2026. The release is explicitly described as estimates management believes will affect third-quarter 2026 results, not a comprehensive presentation, and it notes that actual results may vary materially pending completion of the quarter-end financial reporting process. The release lists estimated third-quarter 2026 average realized prices of $87.50 per barrel of oil and $1.45 per Mcf of natural gas in the United States, and $98.50 per barrel of oil and $5.00 per Mcf of natural gas internationally, with an international NGL price of $155.00 per barrel flagged as reflecting low volumes and the timing of revenue recognition. Other estimates include 36 MBoe/d of Egypt tax barrels, $25 million of dry hole costs before tax, and a $190 million net gain on oil and gas purchases and sales before tax, which includes an $8 million realized gain from commodity derivatives. On share count and expenses, the company estimates weighted-average basic common shares of 348 million for the quarter, and repurchased 10.5 million shares at an average price of $42.78 during the period. General and administrative expenses are estimated at approximately $115 million, including $56 million of stock-based compensation, which management attributes mostly to mark-to-market effects of APA's share price. The company will host its third-quarter 2026 results conference call on Thursday, November 5 at 10 a.m. Central time.
  3. 8-KAPA 8-K Report, Financial Results (Aug 5, 2026)APA Corporation reported second-quarter 2026 net income attributable to common stock of $747 million, or $2.11 per diluted share. Adjusted earnings were $669 million, or $1.89 per diluted share. Reported production was approximately 410,000 barrels of oil equivalent (BOE) per day, and adjusted production was 347,000 BOE per day, both above guidance. U.S. oil production averaged 123,500 barrels per day, 2,500 barrels per day above guidance. The company generated $1.7 billion of net cash provided by operating activities, $738 million of free cash flow and $1.8 billion of adjusted EBITDAX. It returned $189 million to shareholders through dividends and share repurchases in the quarter. The balance sheet strengthened over the period. APA repaid $752 million of near-term bond debt in the first half of 2026 and has reduced total debt by $2.3 billion since year-end 2024, which the company says lowers annualized interest expense by more than $155 million. Net debt was $3.3 billion at June 30, 2026. Management expects to return at least 60% of free cash flow to shareholders in 2026 while also strengthening the balance sheet. The company raised its full-year U.S. oil production guidance to 123,000 barrels per day, kept U.S. capital at $1.3 billion, lowered lease operating expense guidance by $25 million to $1.5 billion, and raised its expected 2026 exit run-rate cost savings to $500 million from $450 million. On exploration, APA has a pending agreement to acquire Savant Alaska, LLC for $70 million in upfront consideration before customary closing adjustments, plus contingent payments tied to future development of its eastern North Slope position. Closing is expected by year-end 2026, subject to regulatory approval and customary conditions. In Uruguay, APA signed Eni S.p.A. as a strategic partner in offshore Block 6, with APA retaining a 60% working interest and Eni funding most of the initial exploration well planned for 2027.
  4. 8-KAPA 8-K Report, Financial Results (Jul 8, 2026)APA Corporation issued a press release on July 8, 2026, furnished as Exhibit 99.1 to this Form 8-K under Item 2.02, providing supplemental information on certain second-quarter 2026 financial and operating results. The company states the information reflects current management estimates, is not a comprehensive presentation, and remains subject to finalization of its second-quarter financial reporting process. Its earnings conference call is scheduled for Thursday, August 6, 2026 at 10 a.m. Central Time. The key figures concern realized prices and hedging. Estimated second-quarter average realized prices were $93.20 per barrel for U.S. oil, $25.10 per barrel for U.S. NGLs, and a negative $2.20 per Mcf for U.S. natural gas. International realizations were $99.90 per barrel for oil, $73.40 per barrel for NGLs, and $4.80 per Mcf for natural gas. Net gain on oil and gas purchases and sales was estimated at $345 million before tax, which includes a $109 million realized loss from commodity derivatives. Dry hole costs were estimated at $41 million before tax, and Egypt tax barrels at 36 MBoe/d. Operationally, APA curtailed approximately 137 MMcf/d of U.S. natural gas production and 12,300 barrels per day of U.S. NGL production in the quarter in response to weak or negative Waha hub prices. On capital allocation and costs, the company repurchased 2.8 million shares at an average price of $35.25 per share and estimates 353 million weighted-average basic shares for the quarter. General and administrative expenses were $65 million, including about $10 million of stock-based compensation that reflects mark-to-market effects of APA's share price during the quarter.
  5. 8-KAPA 8-K Report, Executive Changes (May 26, 2026)APA Corporation's Current Report on Form 8-K reports the results of its 2026 annual meeting of shareholders, held May 21, 2026. Shareholders approved the Third Amendment to the company's 2016 Omnibus Compensation Plan, which increases the number of shares authorized for issuance under the plan by 24,160,000 shares and extends the plan's term through May 21, 2036. The board had approved the amendment before the meeting, subject to shareholder approval. The amendment is described in the company's proxy statement filed April 9, 2026, and the full text is filed as Exhibit 10.1. Of the 353,400,414 shares of common stock eligible to vote, 312,221,847 shares, or approximately 88.35%, were voted. All ten director nominees were elected to one-year terms expiring at the 2027 annual meeting. Shareholders also ratified Ernst & Young LLP as independent auditor for fiscal year 2026, and approved the non-binding advisory vote on named executive officer compensation. The compensation vote received 238,710,645 votes for and 38,762,516 against, a meaningfully higher level of opposition than the other proposals. For investors, the filing's most significant items are the expanded equity compensation capacity and the longer plan term, which give the company a larger pool of shares for incentive awards over the next decade. The filing does not state the number of shares previously available under the plan or the dilutive effect of the increase.
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View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

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