01—Abstract
Summary
Summary of the 8-K filed January 20, 2026. Cited figures are marked; the original filing is the authoritative source.
APA Corporation (Nasdaq: APA) issued a press release on January 20, 2026, furnished as Exhibit 99.1 to this Form 8-K, providing supplemental information on certain fourth-quarter and full-year 2025 financial and operating results.
The company states the information is intended to help investors form their own estimates, is not a comprehensive presentation, and is subject to finalization of the fourth-quarter 2025 financial reporting process. The release sets out estimated fourth-quarter 2025 average realized prices: $59.90a per barrel of oil and $0.15 per Mcf of natural gas in the United States, and $62.30 per barrel of oil and $4.30 per Mcf of natural gas internationally. Other items include 34 MBoe/d of Egypt tax barrels, $20 million of dry hole costs before tax, a net gain on oil and gas purchases and sales of $193 million before tax (including realized commodity derivative gains and losses), and transaction, reorganization and separation costs of $36 million, up from $18 million in the third quarter, primarily reflecting early lease terminations in the U.S. and U.K. and a contract termination.
Operationally, APA curtailed approximately 91 MMcf/d of U.S. natural gas production and 7,600 barrels per day of U.S. natural gas liquids in the fourth quarter in response to weak or negative Waha hub prices. The estimated weighted-average basic common shares for the fourth quarter is 355 million, and the company repurchased 2.7 million shares at an average price of $24.17b per share during the quarter.
APA scheduled a conference call for February 26, 2026 at 10 a.m. Central Time to discuss its fourth-quarter and full-year 2025 results.
02—Key points
Key Highlights
- Fourth-quarter 2025 estimated realized prices: U.S. oil $59.90/bbl, U.S. NGL $20.40/bbl, U.S. natural gas $0.15/Mcf; International oil $62.30/bbl, NGL $40.60/bbl, natural gas $4.30/Mcf
- Transaction, reorganization and separation costs of $36 million in Q4 2025, versus $18 million in Q3, mainly from early office lease terminations in the U.S. and U.K. and a contract termination
- Net gain on oil and gas purchases and sales of $193 million before tax, including realized commodity derivative gains and losses
- Dry hole costs of $20 million before tax and 34 MBoe/d of Egypt tax barrels in Q4 2025
- Curtailed about 91 MMcf/d of U.S. natural gas and 7,600 bbl/d of U.S. NGL production in Q4 2025 due to weak or negative Waha hub prices
- Repurchased 2.7 million shares at an average price of $24.17 during Q4 2025; estimated weighted-average basic shares of 355 million
- Q4 and full-year 2025 results conference call scheduled for February 26, 2026 at 10 a.m. Central Time
03—Questions
Frequently Asked Questions
Why did APA curtail natural gas production in the fourth quarter?
The filing states APA curtailed approximately 91 MMcf/d of U.S. natural gas production and 7,600 barrels per day of U.S. natural gas liquids production in response to weak or negative Waha hub prices.
What drove the increase in transaction, reorganization and separation costs?
Costs rose to $36 million in the fourth quarter from $18 million in the third quarter. The company says they primarily reflect expenses related to the early termination of office leases in the U.S. and U.K. and a contract termination.
How much did APA repurchase in the fourth quarter?
APA repurchased 2.7 million shares at an average price of $24.17 per share during the fourth quarter of 2025.
When will APA discuss its full-year 2025 results?
APA will host a conference call on Thursday, February 26, 2026 at 10 a.m. Central Time, webcast from its website, with a replay available for one year afterward.
Are these figures final?
No. The company states the information is intended only to provide additional information on current estimates, is not a comprehensive presentation, and is subject to finalization of the fourth-quarter 2025 financial reporting process, so actual results may vary.
04—Continue