01—Abstract
Summary
Summary of the 8-K filed October 8, 2025. Cited figures are marked; the original filing is the authoritative source.
APA Corporation issued a press release on October 8, 2025, providing supplemental information on certain third-quarter 2025 financial and operating results, and scheduling its third-quarter results conference call for November 6, 2025 at 10 a.m.
Central Time. The company states the information is intended to help investors and analysts form their own estimates and is not a comprehensive presentation of all factors affecting third-quarter results, and that figures remain subject to finalization of the financial reporting process. The release outlines estimated third-quarter average realized prices of $66.00a per barrel of oil and $0.70 per Mcf of natural gas in the United States, and $68.50 per barrel of oil and $4.20 per Mcf of natural gas internationally.
Other estimates include Egypt tax barrels of 37 to 38 MBoe/d, dry hole costs before tax of $4 to $6 millionb, and a net gain on oil and gas purchases and sales before tax of $177 million, including realized commodity derivative gains and losses. The estimated weighted-average basic common shares for the quarter is 357 million, and APA repurchased 3.1 million shares at an average price of $20.78 per share during the quarter. On Egypt, APA received substantial payments from the Egyptian General Petroleum Corporation during the third quarter, and receivables have returned to normalized levels.
The company made proportional distributions to its non-controlling interest partner totaling $173 millionc in the third quarter, versus $126 million and $91 million in the first and second quarters. Management says net debt and free cash flow were both lower than previously expected, and notes that its free cash flow definition excludes working capital changes, so Egypt receipts do not increase free cash flow while partner distributions reduce it. APA also curtailed approximately 20 MMcf/d of U.S. natural gas production and 1,400 barrels per day of U.S. natural gas liquids in response to weak or negative Waha hub prices.
02—Key points
Key Highlights
- Estimated Q3 2025 average realized prices: United States oil $66.00/bbl, NGL $20.00/bbl, natural gas $0.70/Mcf; International oil $68.50/bbl, NGL $40.00/bbl, natural gas $4.20/Mcf.
- Estimated net gain on oil and gas purchases and sales (before tax, including realized commodity derivative gain/loss) of $177 million.
- Egypt: substantial EGPC payments received in Q3; receivables back to normalized levels; partner distributions of $173 million in Q3 versus $126 million in Q1 and $91 million in Q2.
- Management states net debt and free cash flow were both lower than previously expected, with free cash flow excluding working capital changes.
- Production curtailments in Q3 of approximately 20 MMcf/d of U.S. natural gas and 1,400 barrels per day of U.S. NGLs due to weak or negative Waha hub prices.
- Estimated dry hole costs (before tax) of $4 to $6 million and Egypt tax barrels of 37 to 38 MBoe/d.
- Estimated Q3 weighted-average basic shares of 357 million; 3.1 million shares repurchased at an average of $20.78 per share.
03—Questions
Frequently Asked Questions
What did APA disclose in this 8-K filing?
APA furnished a press release dated October 8, 2025 providing supplemental information on certain third-quarter 2025 financial and operating results and scheduling its results conference call for November 6, 2025 at 10 a.m. Central Time.
Why were net debt and free cash flow lower than previously expected?
The company attributed this to positive developments in Egypt, namely substantial payments received from EGPC during the third quarter. Management noted that free cash flow excludes working capital changes, so these receipts do not increase free cash flow, while the partner distributions that followed do reduce it.
How much did APA distribute to its non-controlling interest partner in Egypt?
Total distributions were $173 million in the third quarter, compared with $126 million in the first quarter and $91 million in the second quarter.
Why did APA curtail production?
APA curtailed approximately 20 MMcf/d of U.S. natural gas production and 1,400 barrels per day of U.S. natural gas liquids production in the third quarter in response to weak or negative Waha hub prices.
When is APA's third-quarter 2025 earnings call?
The conference call is scheduled for Thursday, November 6 at 10 a.m. Central time and will be webcast from APA's website, with a replay available for one year afterward.
04—Continue