How did APA perform relative to its production guidance in the third quarter of 2025?

APA reported that it exceeded third-quarter reported production guidance in all three operating regions, while upstream capital and operating costs came in below guidance. U.S. oil production was 121,000 barrels per day, which the company said exceeded guidance.

How much debt has APA reduced, and what is its current net debt?

APA reduced net debt by approximately $430 million during the third quarter, driven by free cash flow and payments from Egypt. The company said it has reduced net debt by nearly $2.3 billion since the third quarter of 2024, with current net debt of roughly $4.0 billion.

What cost savings has APA achieved and what does it target next?

APA expects to achieve $350 million of run-rate savings by year-end 2025, two years sooner than originally anticipated, and raised its 2025 realized savings target to $300 million from $200 million. It also expects to recognize an additional $50 million to $100 million of run-rate savings by year-end 2026, across development capital, LOE, and G&A.

What is APA's outlook for the fourth quarter of 2025?

U.S. oil production guidance was raised to 123,000 barrels per day, and gross gas production in Egypt is expected to grow at a higher rate than previously anticipated. Upstream capital investment in the fourth quarter is expected to be approximately $440 million, consistent with prior guidance issued in the second quarter.

APA 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed November 5, 2025. Cited figures are marked; the original filing is the authoritative source.

APA Corporation reported third-quarter 2025 results in a press release furnished as Exhibit 99.1 to this Form 8-K, dated November 5, 2025.

The company reported net income attributable to common stock of $205 million^a, or $0.57 per diluted share, and adjusted earnings of $332 million, or $0.93 per diluted share. Net cash provided by operating activities was $1.5 billion, and adjusted EBITDAX was $1.3 billion. Reported production was 464,000 BOE per day, and adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 387,000 BOE per day.

Management said the company exceeded third-quarter reported production guidance in all three operating regions while keeping upstream capital and operating costs below guidance. The company also highlighted balance sheet progress and cost savings. APA reduced net debt by approximately $430 million^b during the quarter, driven by free cash flow of $339 million and payments from Egypt, and reported net debt of roughly $4.0 billion.

It returned $154 million^c to shareholders through dividends and share repurchases. APA now expects $350 million in run-rate savings by year-end 2025, two years sooner than originally anticipated, and has set a target for an additional $50 million to $100 million of run-rate savings by year-end 2026. Its 2025 realized savings target was raised to $300 million from $200 million.

For the fourth quarter, U.S. oil production guidance was raised to 123,000 barrels per day, and expected Egypt gross gas production growth is higher than previously anticipated. Fourth-quarter upstream capital investment is expected to be approximately $440 million^d, consistent with prior guidance. The company will discuss results on a conference call on November 6, 2025.

02—Key points

Key Highlights

Net income attributable to common stock of $205 million, or $0.57 per diluted share; adjusted earnings of $332 million, or $0.93 per diluted share
Net cash provided by operating activities of $1.5 billion and adjusted EBITDAX of $1.3 billion for the quarter
Reported production of 464,000 BOE per day; adjusted production of 387,000 BOE per day, excluding Egypt noncontrolling interest and tax barrels
Net debt reduced by approximately $430 million in the quarter to roughly $4.0 billion; free cash flow of $339 million
Returned $154 million to shareholders through dividends and share repurchases during the quarter
Run-rate controllable spend savings target of $350 million by year-end 2025, two years sooner than initially anticipated; additional $50 million to $100 million targeted by year-end 2026
Fourth-quarter U.S. oil production guidance raised to 123,000 barrels per day; upstream capital investment expected to be approximately $440 million

03—Questions

Frequently Asked Questions

How did APA perform relative to its production guidance in the third quarter of 2025?
APA reported that it exceeded third-quarter reported production guidance in all three operating regions, while upstream capital and operating costs came in below guidance. U.S. oil production was 121,000 barrels per day, which the company said exceeded guidance.
How much debt has APA reduced, and what is its current net debt?
APA reduced net debt by approximately $430 million during the third quarter, driven by free cash flow and payments from Egypt. The company said it has reduced net debt by nearly $2.3 billion since the third quarter of 2024, with current net debt of roughly $4.0 billion.
What cost savings has APA achieved and what does it target next?
APA expects to achieve $350 million of run-rate savings by year-end 2025, two years sooner than originally anticipated, and raised its 2025 realized savings target to $300 million from $200 million. It also expects to recognize an additional $50 million to $100 million of run-rate savings by year-end 2026, across development capital, LOE, and G&A.
What is APA's outlook for the fourth quarter of 2025?
U.S. oil production guidance was raised to 123,000 barrels per day, and gross gas production in Egypt is expected to grow at a higher rate than previously anticipated. Upstream capital investment in the fourth quarter is expected to be approximately $440 million, consistent with prior guidance issued in the second quarter.

04—Continue

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