01—Abstract
Summary
Summary of the 8-K filed April 14, 2026. Cited figures are marked; the original filing is the authoritative source.
APA Corporation furnished an 8-K under Item 2.02 (Results of Operations and Financial Condition) attaching Exhibit 99.1, a press release dated April 14, 2026, that provides supplemental information on certain financial and operating results for the fiscal quarter ended March 31, 2026.
The release states that it is intended to help investors form their own estimates and is not a comprehensive presentation of all factors affecting first-quarter 2026 results, and that figures remain subject to finalization of the financial reporting process. Key estimates in the release include first-quarter 2026 estimated average realized prices of $72.50a per barrel of oil and $(0.35) per Mcf of natural gas for the United States, and $85.70 per barrel of oil, $49.20 per barrel of NGL and $4.60 per Mcf of natural gas for International operations. Other items disclosed include 43 MBoe/d of Egypt tax barrels, $11 million in dry hole costs (before tax), a $244 million net gain on oil and gas purchases and sales (before tax, including a $66 million realized loss from commodity derivatives), and general and administrative expenses of $115 million.
Operationally, APA curtailed approximately 88 MMcf/d of U.S. natural gas production and 6,800 barrels per day of U.S. natural gas liquids production in the first quarter in response to weak or negative Waha hub prices. The company also scheduled its first-quarter 2026 results conference call for 10 a.m. Central Time on Thursday, May 7.
02—Key points
Key Highlights
- Estimated first-quarter 2026 U.S. realized prices: oil $72.50/bbl, NGL $19.80/bbl, natural gas $(0.35)/Mcf (negative).
- Estimated first-quarter 2026 International realized prices: oil $85.70/bbl, NGL $49.20/bbl, natural gas $4.60/Mcf.
- Curtailed approximately 88 MMcf/d of U.S. natural gas and 6,800 bbl/d of U.S. NGL production in response to weak or negative Waha hub prices.
- Net gain on oil and gas purchases and sales of $244 million (before tax), including a $66 million realized loss from commodity derivatives.
- General and administrative expenses of $115 million, including about $25 million of higher-than-expected stock-based compensation tied to the share price increase during the quarter.
- Dry hole costs of $11 million (before tax) and 43 MBoe/d of Egypt tax barrels.
- First-quarter 2026 results conference call scheduled for Thursday, May 7, at 10 a.m. Central Time.
03—Questions
Frequently Asked Questions
Why did APA curtail U.S. natural gas and NGL production in the first quarter?
The filing states APA curtailed approximately 88 MMcf/d of U.S. natural gas production and 6,800 barrels per day of U.S. natural gas liquids production in response to weak or negative Waha hub prices.
Why were general and administrative expenses higher than expected?
The filing states G&A expenses of $115 million included approximately $25 million of higher-than-expected stock-based compensation, reflecting mark-to-market impacts of APA's share price increase during the quarter.
Are these figures final?
No. The release says it provides supplemental estimates, is not a comprehensive presentation of all factors affecting first-quarter 2026 results, and that actual results may vary and are subject to finalization of the financial reporting process.
When and how can investors hear more about first-quarter 2026 results?
APA will host a conference call at 10 a.m. Central Time on Thursday, May 7, webcast from its website at www.apacorp.com and investor.apacorp.com, with a replay available for one year on the Investors page.
04—Continue