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APA · APA

5 filings

10-K

APA 10-K Annual Reports

APA - 5 annual reports

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

2025
APA Annual Report, Year Ended Dec 31, 2025
APA Corporation (APA), an independent energy company, reported 2025 net income attributable to common stock of $1.4 billion, or $3.99 per diluted share, versus $804 million, or $2.27 per diluted share, in 2024. The prior year included $1.1 billion of impairments, including $796 million in the North Sea and $315 million in the U.S. Net cash provided by operating activities was $4.5 billion, up $925 million from 2024, and total debt ended the year at approximately $4.5 billion, a reduction of about $1.6 billion. Production averaged 464,383 boe/d in 2025, and year-end proved reserves totaled 1,056 MMboe, of which 734 MMboe were proved developed. Realized crude oil prices fell 14 percent to $66.92 per barrel, while realized natural gas prices rose 20 percent to $2.36 per Mcf. The company's operations are concentrated in the Permian Basin, Egypt, and the U.K. North Sea, with development underway offshore Suriname targeting first production in 2028. The filing states APA plans approximately $2.1 billion of upstream capital investment in 2026, including a five-rig Permian program, a 12-rig Egypt program, and about $230 million for Suriname development. Management states it expects to generate significant cash flow at current strip pricing and reiterated its policy of returning 60 percent of free cash flow through dividends and share repurchases. The company also repurchased 12.9 million shares in 2025 for $280 million and paid $360 million in dividends. The filing highlights several risks, including a Gulf of America decommissioning contingency for sold properties of $881 million recorded at year-end 2025 (with an estimated range of $0.9 billion to $1.2 billion), the planned cessation of North Sea production prior to 2030 due to UK tax and regulatory changes, and ongoing litigation including a dispute with Santos over the Quadrant divestiture and a Delaware climate lawsuit.
Feb 26, 2026
2024
APA Annual Report, Year Ended Dec 31, 2024
APA Corporation (APA) is an independent energy company that explores for, develops, and produces crude oil, natural gas, and NGLs across three operating areas: the U.S. (primarily the Permian Basin), Egypt, and the U.K. North Sea, with active development in Suriname (Block 58 GranMorgu project, first oil anticipated in 2028). In 2024, APA reported net income attributable to common stock of $804 million, or $2.27 per diluted share, versus $2.9 billion ($9.25 per diluted share) in 2023. Results were driven by $1.1 billion of impairments, including $796 million in the North Sea and $315 million in the U.S., along with lower realized commodity prices. Net cash provided by operating activities rose to $3.6 billion, up $491 million from 2023, supported by the Callon acquisition and Permian drilling activity. The Callon acquisition, completed April 1, 2024 in an all-stock transaction valued at about $4.5 billion including debt, added roughly 120,000 net acres in the Delaware Basin and 25,000 net acres in the Midland Basin. APA also divested non-core Permian, East Texas, and Eagle Ford properties and mineral interests, generating about $1.6 billion of proceeds used primarily to reduce debt, and sold its remaining Kinetik shares for $428 million. Year-end 2024 total proved reserves were 969 MMboe, of which about 31 percent were proved undeveloped. The company plans 2025 upstream capital investment of $2.5 billion to $2.6 billion and expects production slightly higher than 2024. It returned capital through $353 million of dividends and $246 million of share repurchases in 2024, and it will cease North Sea production before 2030. The filing also highlights balance sheet and risk items. Total debt was $6.0 billion at year-end 2024, and cash was $625 million. Subsequent to year-end, APA completed exchange and tender offers for Apache-issued notes and entered new credit facilities maturing in January 2030. The company carries contingent decommissioning liabilities for previously sold Gulf of America properties of $1.0 billion, and it recorded a $273 million loss on those properties in 2024. Egypt receivables from EGPC have grown as payments have been delayed.
Feb 28, 2025
2023
APA Annual Report, Year Ended Dec 31, 2023
APA Corporation is an independent energy company that explores for, develops, and produces natural gas, crude oil, and NGLs. Its upstream operations span three geographic areas: the U.S., Egypt, and offshore the U.K. in the North Sea, with exploration and appraisal activity in Suriname and interests in Uruguay. In 2023, the company produced 147.8 MMboe, with the U.S. contributing 54 percent of production and 70 percent of year-end estimated proved reserves totaling 807 MMboe. Net income attributable to common stock was $2.9 billion, or $9.25 per diluted share, compared with $3.7 billion, or $11.02 per diluted share, in 2022. The 2023 result was supported by a non-cash deferred income tax benefit of approximately $1.7 billion from releasing most of the U.S. tax valuation allowance, while lower realized commodity prices reduced revenues. Operating cash flow was $3.1 billion, down $1.8 billion from 2022. Capital allocation remained focused on shareholder returns and balance-sheet strengthening. In 2023 the company repurchased 8.7 million shares for $329 million and paid $308 million in dividends. Its stated framework is to return 60 percent of cash flow over capital investment. The 2024 upstream capital budget is $1.9 to $2.0 billion. The North Sea drilling program was suspended in the second quarter of 2023. A pending all-stock acquisition of Callon Petroleum Company, valued at approximately $4.5 billion including net debt, is expected to close in the second quarter of 2024 and would strengthen the Permian Basin position. Year-end 2023 total debt was $5.2 billion and cash was $87 million. Key risks disclosed include commodity price volatility, Egyptian currency shortages that have delayed payments from EGPC, obligations related to previously sold Gulf of Mexico properties (a $824 million contingent liability recorded), and the execution risk of the Callon transaction. The filing also notes the Company was subject to the U.K. Energy Profits Levy and would become subject to the U.S. corporate alternative minimum tax beginning January 1, 2024.
Feb 22, 2024
2022
APA Annual Report, Year Ended Dec 31, 2022
APA Corporation (APA) is an independent energy company that explores for, develops, and produces natural gas, crude oil, and NGLs across three upstream areas: the U.S., Egypt, and offshore the U.K. in the North Sea, with exploration and appraisal activity in Suriname. In 2022 the company reported net income attributable to common stock of $3.674 billion, or $11.02 per diluted share, compared with $973 million, or $2.59 per diluted share, in 2021. Oil, natural gas, and NGL production revenues rose to $9.22 billion from $6.50 billion, and net cash provided by operating activities was $4.94 billion, up $1.4 billion from the prior year. Average realized crude oil prices were $99.11 per barrel, up 44 percent. Capital allocation focused on shareholder returns and debt reduction. APA repurchased 36.2 million shares for $1.4 billion in 2022, and its quarterly dividend was raised to $0.25 per share in the third quarter of 2022. Since year-end 2021, total outstanding debt and redeemable preferred interests were reduced by $2 billion and $712 million, respectively, largely through the deconsolidation of Altus Midstream and note retirements. Year-end total debt stood at $5.453 billion, with $245 million of cash on hand and total equity of $1.345 billion, compared with a deficit of $717 million a year earlier. The filing also highlights risks and contingent liabilities. APA recorded a $1.2 billion contingent liability for decommissioning obligations on Gulf of Mexico properties it previously sold, after a purchaser's bankruptcy and inability to fund decommissioning. The company expects a deferred tax expense of approximately $170 million to $190 million in the first quarter of 2023 from the U.K. Energy Profits Levy increase to 35 percent. For 2023, upstream capital is budgeted at $2.0 billion to $2.1 billion, with worldwide production expected to rise about four to five percent.
Feb 23, 2023
2021
APA Annual Report, Year Ended Dec 31, 2021
APA Corporation (filed under Apache Corporation's successor structure; the filing describes APA as an independent energy company that explores for, develops, and produces natural gas, crude oil, and NGLs) reported 2021 net income attributable to common stock of $973 million, or $2.59 per diluted share, compared with a net loss of $4.9 billion, or $12.86 per diluted share, in 2020. Results were driven by much stronger commodity prices: average realized crude oil prices rose 74 percent to $68.97 per barrel, and natural gas realizations rose 118 percent to $3.99 per Mcf. The company generated $3.5 billion of operating cash flow, ended the year with $302 million in cash, and paid back nearly $1.4 billion of debt. Total proved reserves were 913 MMboe at year-end, 64 percent liquids, and the company recorded a $1.2 billion contingent liability for decommissioning sold Gulf of Mexico properties, with a $446 million loss in the third quarter. The company introduced a capital return framework, targeting return of 60 percent of cash flow over capital investment. Quarterly dividends were raised from $0.025 to $0.0625 and then to $0.125 per share, and the board authorized a further 40 million share repurchase, of which 31.2 million shares were bought in the fourth quarter for $847 million. Management plans upstream capital of approximately $1.6 billion for 2022, with a 15 rig drilling program in Egypt and continued exploration offshore Suriname. The planned sale of Delaware Basin mineral rights for about $805 million and the pending combination of Altus Midstream with BCP, which would reduce APA's ownership in Altus from about 79 percent to about 20 percent, are also significant near-term items. The company's cost and balance-sheet picture remains mixed. Total equity was a deficit of $717 million at year-end, total debt was $7.5 billion, and the company recorded $208 million of impairments in 2021, compared with $4.5 billion in 2020. Egypt's modernized production-sharing contract, ratified in December 2021, consolidates 98 percent of gross acreage and is expected to support 2022 production growth, while the company is exposed to Gulf of Mexico decommissioning obligations and ongoing litigation.
Feb 22, 2022