APA · APA

87 filings

APA SEC Filings

APA - 87 total filings

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

Showing 1–50 of 87 filings

APA Quarterly Report for Q3 Ended Sep 30, 2026

APA Corporation reported a strong third quarter and first nine months of 2026, with net income attributable to common stock significantly increasing year-over-year. This improvement was primarily driven by higher oil revenues due to stronger crude oil price realizations. The company also benefited from improved margins on third-party purchased oil and gas activity and successful cost-saving initiatives, which contributed to a decrease in overall operating expenses for the nine-month period. Operationally, APA saw a 5% increase in daily production from its U.S. assets, which now account for 65% of its worldwide production. The company continues to focus on its Permian Basin development program and has secured additional acreage in Alaska. Financially, APA demonstrated strong cash flow from operations and used it to repay a significant amount of debt, while also returning capital to shareholders through dividends and share repurchases. The company's liquidity remains robust, supported by substantial committed borrowing capacity.

Nov 5, 2026 8-K

APA 8-K Report, Financial Results (Nov 4, 2026)

APA Corporation reported strong third-quarter 2026 financial and operational results, exceeding production guidance. The company generated significant net cash from operating activities and robust free cash flow, enabling substantial returns to shareholders through share repurchases and debt reduction. Production in the U.S. oil segment outperformed expectations due to high uptime and strong well performance. Operationally, APA demonstrated efficiency gains, particularly in the Permian Basin, and is reiterating its commitment to cost savings targets. Financially, the company has made significant progress in deleveraging its balance sheet, repaying substantial debt maturities and lowering its net debt target. The outlook for full-year 2026 free cash flow has been increased, reflecting positive operating performance and commodity price environment.

Nov 4, 2026 8-K

APA 8-K Report, Financial Results (Oct 7, 2026)

APA Corporation (Nasdaq: APA) issued a press release on October 7, 2026, furnished as Exhibit 99.1 to this Form 8-K, providing supplemental information on certain financial and operating results for the quarter ended September 30, 2026. The release is explicitly described as estimates management believes will affect third-quarter 2026 results, not a comprehensive presentation, and it notes that actual results may vary materially pending completion of the quarter-end financial reporting process. The release lists estimated third-quarter 2026 average realized prices of $87.50 per barrel of oil and $1.45 per Mcf of natural gas in the United States, and $98.50 per barrel of oil and $5.00 per Mcf of natural gas internationally, with an international NGL price of $155.00 per barrel flagged as reflecting low volumes and the timing of revenue recognition. Other estimates include 36 MBoe/d of Egypt tax barrels, $25 million of dry hole costs before tax, and a $190 million net gain on oil and gas purchases and sales before tax, which includes an $8 million realized gain from commodity derivatives. On share count and expenses, the company estimates weighted-average basic common shares of 348 million for the quarter, and repurchased 10.5 million shares at an average price of $42.78 during the period. General and administrative expenses are estimated at approximately $115 million, including $56 million of stock-based compensation, which management attributes mostly to mark-to-market effects of APA's share price. The company will host its third-quarter 2026 results conference call on Thursday, November 5 at 10 a.m. Central time.

Oct 7, 2026 10-Q

APA Quarterly Report for Q2 Ended Jun 30, 2026

APA Corporation (APA) reported net income attributable to common stock of $747 million, or $2.11 per diluted share, for the second quarter of 2026, compared with $603 million, or $1.67 per diluted share, in the second quarter of 2025. For the first six months of 2026, net income attributable to common stock was $1.19 billion, or $3.37 per diluted share, versus $950 million, or $2.62 per diluted share, a year earlier. The filing attributes the improvement primarily to higher oil revenues on stronger crude oil price realizations, improved margins on third-party purchased oil and gas activity, and lower operating expenses from prior-year cost savings. Average realized oil prices rose to $98.24 per barrel in the quarter from $65.58, while natural gas realizations fell to $0.60 per Mcf from $2.28 amid negative Permian Basin gas pricing. Worldwide production declined to 409,959 boe per day from 465,078 boe per day. Cash flow from operations was $2.3 billion for the first six months of 2026, essentially flat year over year. Total debt fell to $3.7 billion at June 30, 2026, from $4.49 billion at December 31, 2025, after several notes were repaid or redeemed in 2026, and cash stood at $444 million. The company repurchased about $100 million of stock in the first half and paid $177 million in common dividends. Management expects to invest about $2.1 billion in upstream capital in 2026 and has raised its annualized cost savings target to $500 million by year-end 2026. The filing also flags several items for investors, including an EPA draft Administrative Penalty Assessment under the Clean Air Act tied to Permian Basin facilities, ongoing litigation over the sold Australian operations and Delaware climate suit, and a contingent liability of $847 million for decommissioning obligations on sold Gulf of America properties. Separately, APA agreed to acquire Savant Alaska, LLC for about $70 million upfront and entered a strategic partnership with Eni in offshore Uruguay Block 6.

Aug 6, 2026 8-K

APA 8-K Report, Financial Results (Aug 5, 2026)

APA Corporation reported second-quarter 2026 net income attributable to common stock of $747 million, or $2.11 per diluted share. Adjusted earnings were $669 million, or $1.89 per diluted share. Reported production was approximately 410,000 barrels of oil equivalent (BOE) per day, and adjusted production was 347,000 BOE per day, both above guidance. U.S. oil production averaged 123,500 barrels per day, 2,500 barrels per day above guidance. The company generated $1.7 billion of net cash provided by operating activities, $738 million of free cash flow and $1.8 billion of adjusted EBITDAX. It returned $189 million to shareholders through dividends and share repurchases in the quarter. The balance sheet strengthened over the period. APA repaid $752 million of near-term bond debt in the first half of 2026 and has reduced total debt by $2.3 billion since year-end 2024, which the company says lowers annualized interest expense by more than $155 million. Net debt was $3.3 billion at June 30, 2026. Management expects to return at least 60% of free cash flow to shareholders in 2026 while also strengthening the balance sheet. The company raised its full-year U.S. oil production guidance to 123,000 barrels per day, kept U.S. capital at $1.3 billion, lowered lease operating expense guidance by $25 million to $1.5 billion, and raised its expected 2026 exit run-rate cost savings to $500 million from $450 million. On exploration, APA has a pending agreement to acquire Savant Alaska, LLC for $70 million in upfront consideration before customary closing adjustments, plus contingent payments tied to future development of its eastern North Slope position. Closing is expected by year-end 2026, subject to regulatory approval and customary conditions. In Uruguay, APA signed Eni S.p.A. as a strategic partner in offshore Block 6, with APA retaining a 60% working interest and Eni funding most of the initial exploration well planned for 2027.

Aug 5, 2026 8-K

APA 8-K Report, Financial Results (Jul 8, 2026)

APA Corporation issued a press release on July 8, 2026, furnished as Exhibit 99.1 to this Form 8-K under Item 2.02, providing supplemental information on certain second-quarter 2026 financial and operating results. The company states the information reflects current management estimates, is not a comprehensive presentation, and remains subject to finalization of its second-quarter financial reporting process. Its earnings conference call is scheduled for Thursday, August 6, 2026 at 10 a.m. Central Time. The key figures concern realized prices and hedging. Estimated second-quarter average realized prices were $93.20 per barrel for U.S. oil, $25.10 per barrel for U.S. NGLs, and a negative $2.20 per Mcf for U.S. natural gas. International realizations were $99.90 per barrel for oil, $73.40 per barrel for NGLs, and $4.80 per Mcf for natural gas. Net gain on oil and gas purchases and sales was estimated at $345 million before tax, which includes a $109 million realized loss from commodity derivatives. Dry hole costs were estimated at $41 million before tax, and Egypt tax barrels at 36 MBoe/d. Operationally, APA curtailed approximately 137 MMcf/d of U.S. natural gas production and 12,300 barrels per day of U.S. NGL production in the quarter in response to weak or negative Waha hub prices. On capital allocation and costs, the company repurchased 2.8 million shares at an average price of $35.25 per share and estimates 353 million weighted-average basic shares for the quarter. General and administrative expenses were $65 million, including about $10 million of stock-based compensation that reflects mark-to-market effects of APA's share price during the quarter.

Jul 8, 2026 8-K

APA 8-K Report, Executive Changes (May 26, 2026)

APA Corporation's Current Report on Form 8-K reports the results of its 2026 annual meeting of shareholders, held May 21, 2026. Shareholders approved the Third Amendment to the company's 2016 Omnibus Compensation Plan, which increases the number of shares authorized for issuance under the plan by 24,160,000 shares and extends the plan's term through May 21, 2036. The board had approved the amendment before the meeting, subject to shareholder approval. The amendment is described in the company's proxy statement filed April 9, 2026, and the full text is filed as Exhibit 10.1. Of the 353,400,414 shares of common stock eligible to vote, 312,221,847 shares, or approximately 88.35%, were voted. All ten director nominees were elected to one-year terms expiring at the 2027 annual meeting. Shareholders also ratified Ernst & Young LLP as independent auditor for fiscal year 2026, and approved the non-binding advisory vote on named executive officer compensation. The compensation vote received 238,710,645 votes for and 38,762,516 against, a meaningfully higher level of opposition than the other proposals. For investors, the filing's most significant items are the expanded equity compensation capacity and the longer plan term, which give the company a larger pool of shares for incentive awards over the next decade. The filing does not state the number of shares previously available under the plan or the dilutive effect of the increase.

May 26, 2026 10-Q

APA Quarterly Report for Q1 Ended Mar 31, 2026

APA Corporation (APA) reported first-quarter 2026 net income attributable to common stock of $446 million, or $1.26 per diluted share, compared with $347 million, or $0.96 per diluted share, in the first quarter of 2025. Total revenues were $2.33 billion versus $2.64 billion a year earlier, and the company attributed the earnings increase primarily to improved margins on third-party purchased oil and gas activity and lower operating expenses from prior cost-savings initiatives. Derivative instrument losses of $113 million partly offset these gains. Cash flow weakened considerably. Net cash provided by operating activities was $554 million, versus $1.10 billion in the prior-year quarter, which the company attributed mainly to the collection of Egypt receivables in 2025 and timing of working capital items. Capital spending on upstream oil and gas property was $542 million, down from $777 million, and the company plans approximately $2.1 billion of upstream capital investment in 2026. Cash and cash equivalents fell to $293 million, and total debt was $4.4 billion at March 31, 2026, with $132 million of notes coming due within the next year. The filing also highlights production declines and commodity price dynamics. Worldwide production averaged 442,352 boe per day, down 6% from the prior year, with U.S. natural gas revenues turning negative due to Permian Basin pricing. Ongoing legal matters include the Quadrant litigation in Australia and a Delaware climate suit, and the company disclosed a $878 million contingent liability tied to Legacy Gulf of America decommissioning obligations. Subsequent to quarter-end, APA redeemed $425 million of notes in April 2026 and repaid $132 million of maturing notes on April 15, 2026.

May 7, 2026 8-K

APA 8-K Report, Financial Results (May 6, 2026)

APA Corporation reported first-quarter 2026 results in a press release (Exhibit 99.1) dated May 6, 2026. Reported net income attributable to common stock was $446 million, or $1.26 per diluted share, compared with $347 million, or $0.96 per share, in the first quarter of 2025. Adjusted earnings were $489 million, or $1.38 per diluted share. Reported production averaged 442,000 BOE per day (adjusted production 363,000 BOE per day), with U.S. oil production of 124,000 barrels per day, which the company says exceeded guidance. The company generated $554 million of net cash provided by operating activities, $477 million of free cash flow, and $1.6 billion of adjusted EBITDAX. Balance sheet and cost actions were the other focus. APA repaid $634 million of near-term bond maturities through April 2026, which combined with 2025 deleveraging actions is expected to reduce 2026 interest expense by more than $60 million. Net debt was $4.12 billion at March 31, 2026, up from $3.98 billion at December 31, 2025. The company returned $88 million to shareholders through dividends in the quarter and continues to target $450 million of cumulative run-rate cost savings by year-end 2026. For the outlook, APA raised its full-year 2026 U.S. oil production guidance to 122,000 barrels per day and expects 121,000 barrels per day in the second quarter. Egypt gross gas production is guided to 540 to 550 MMCF per day, with second-quarter output expected to rise to 540 MMCF per day. Upstream capital investment is guided to approximately $2.1 billion for the year and about $575 million for the second quarter, and LOE guidance of approximately $1.5 billion is unchanged. The company will discuss results on a conference call on May 7, 2026.

May 6, 2026 8-K

APA 8-K Report, Financial Results (Apr 14, 2026)

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 $72.50 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.

Apr 14, 2026 10-K

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 8-K

APA 8-K Report, Financial Results (Feb 25, 2026)

APA Corporation furnished a press release dated February 25, 2026 (Exhibit 99.1) announcing its fourth-quarter and full-year 2025 financial and operating results under Item 2.02. For the fourth quarter of 2025, the company reported net income attributable to common stock of $279 million, or $0.79 per diluted share, and adjusted earnings of $324 million, or $0.91 per diluted share. Fourth-quarter net cash provided by operating activities was $808 million, free cash flow was $425 million, and adjusted EBITDAX was $1.2 billion. For full-year 2025, the company reported $4.5 billion of net cash from operations, $1.0 billion of free cash flow, $5.4 billion of adjusted EBITDAX, and net income attributable to common stock of $1.43 billion, or $3.99 per diluted share. Year-end total debt was $4.49 billion and net debt was $3.98 billion, and the company returned $640 million to shareholders in 2025. For 2026, APA plans total upstream capital of $2.1 billion, a 10% reduction versus 2025, including $230 million for the GranMorgu development and $70 million for exploration in Suriname Block 58 and Alaska. Total adjusted production is expected to be 371,000 BOE per day, a year-over-year decline driven primarily by the North Sea, U.S. gas volumes and asset sales. U.S. oil production is expected to average 120,000 to 122,000 barrels per day. The company also reported a comprehensive Permian inventory assessment that identified about 10 years of economic inventory, and it raised its run-rate controllable spend savings target to $450 million by year-end 2026. Year-end 2025 worldwide estimated proved reserves grew 9% to 1,056 million BOE, of which 734 million BOE were proved developed. The company will hold a conference call on February 26, 2026 at 10 a.m. Central time.

Feb 25, 2026 8-K

APA 8-K Report, Financial Results (Jan 20, 2026)

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: $59.90 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 $24.17 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.

Jan 20, 2026 8-K

APA 8-K Report, Executive Changes (Nov 10, 2025)

APA Corporation filed a Current Report on Form 8-K dated November 10, 2025, disclosing the appointment of Robert P. Rayphole as vice president, Chief Accounting Officer, and Controller, effective November 15, 2025. The Board of Directors made the appointment on November 6, 2025. Rayphole succeeds Rebecca A. Hoyt, who currently holds the role and will remain with the Company until her previously disclosed retirement. Rayphole, 51, previously served as the Company's Assistant Controller since 2011, and he is a certified public accountant. The Management Development and Compensation Committee approved his compensation package, which includes an annual base salary of $355,000 effective on the Effective Date, a target annual incentive opportunity of 50% of base salary effective on the Effective Date, and a target long-term incentive opportunity of 225% effective January 1, 2026. The filing states he has no family relationship with any director or executive officer, is not a party to any related person transaction with the Company, and was not selected under any arrangement with another person. The filing also furnishes a press release dated November 10, 2025 (Exhibit 99.1) announcing the appointment. According to that release, Rayphole will lead the accounting department, overseeing financial reporting, accounting operations, and compliance with U.S. GAAP and SEC requirements. The release describes APA as a company that explores for and produces oil and natural gas in the United States, Egypt, and the United Kingdom, and explores offshore Suriname.

Nov 10, 2025 10-Q

APA Quarterly Report for Q3 Ended Sep 30, 2025

APA Corporation (APA) reported net income attributable to common stock of $205 million, or $0.57 per diluted share, for the third quarter of 2025, compared with a net loss of $223 million, or $0.60 per diluted share, in the third quarter of 2024. For the first nine months of 2025, net income attributable to common stock was $1,155 million, or $3.20 per diluted share, versus $450 million, or $1.29 per diluted share, a year earlier. The filing attributes the year-over-year improvement mainly to $1.1 billion of impairments recorded in the prior-year period, along with lower operating expenses from cost-reduction efforts. Total revenues were $2,115 million for the quarter, down from $2,531 million, and oil, natural gas, and NGL production revenues were $1,804 million, down from $2,058 million. Cash generation and balance sheet metrics improved. Net cash provided by operating activities was $3,737 million for the first nine months of 2025, compared with $2,584 million in the prior-year period. The company exited the quarter with total debt of $4,488 million, down from $6,044 million at December 31, 2024, and cash of $475 million. During the nine months, APA repurchased 10.2 million shares for $215 million and paid $271 million in common dividends. Third-quarter oil realizations averaged $67.43 per barrel, down from $78.06, while natural gas realizations averaged $2.25 per Mcf, up from $1.43. Full-year 2025 upstream capital investment is expected to be $2.3 billion to $2.4 billion. The filing also highlights several items of note: a $147 million gain on extinguishment of debt in the first nine months of 2025 from Apache indenture debt repurchases, a $285 million gain on divestitures, a $76 million first-quarter deferred tax expense from UK tax law changes, and the resolution of the Louisiana coastal zone litigation and the Apollo Exploration lawsuit. The Company's Egypt operations are subject to a one-third noncontrolling interest held by Sinopec, and the Company has recorded $1.0 billion in contingent liabilities for decommissioning obligations on previously sold Gulf of America properties.

Nov 6, 2025 8-K

APA 8-K Report, Financial Results (Nov 5, 2025)

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, 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 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 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, consistent with prior guidance. The company will discuss results on a conference call on November 6, 2025.

Nov 5, 2025 8-K

APA 8-K Report, Financial Results (Oct 8, 2025)

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 $66.00 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 million, 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 million 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.

Oct 8, 2025 8-K

APA 8-K Report, Financial Results (Aug 7, 2025)

APA Corporation furnished an 8-K under Item 2.02 attaching its press release (Exhibit 99.1, dated August 6, 2025) announcing second-quarter 2025 financial and operating results. The company reported net income attributable to common stock of $603 million, or $1.67 per diluted share. Excluding items affecting comparability, adjusted earnings were $313 million, or $0.87 per diluted share. Net cash provided by operating activities was $1.2 billion, and adjusted EBITDAX was $1.3 billion. Reported production was 465,000 BOE per day, and adjusted production excluding Egypt noncontrolling interest and tax barrels was 394,000 BOE per day. Operationally, APA reduced its Permian rig count from eight to six during the quarter and now expects to hold Permian oil production flat at six rigs. The company cut its Permian capital guidance by $130 million while maintaining original oil production guidance, adjusted for the New Mexico asset sale that closed in mid-June. It also accelerated its three-year cost reduction program, now targeting $350 million in run-rate savings in 2026 rather than by year-end 2027, and raised its 2025 realized savings target from $130 million to $200 million. Net debt declined by over $850 million to $4.44 billion at June 30, 2025, and APA announced a long-term net debt target of $3 billion. The company returned $140 million to shareholders during the quarter and reaffirmed its commitment to returning 60% of free cash flow. In Suriname, full-year 2025 capital guidance for the GranMorgu project was raised to $275 million for additional milestone payments, with total project costs unchanged and first oil from Block 58 still expected in mid-2028. In Egypt, presidential approval was secured for the direct award of approximately 2 million acres of additional leasehold, which the company said increases its footprint by more than 35%.

Aug 7, 2025 10-Q

APA Quarterly Report for Q2 Ended Jun 30, 2025

APA Corporation (APA) reported net income attributable to common stock of $603 million, or $1.67 per diluted share, for the second quarter of 2025, compared with $541 million, or $1.46 per diluted share, in the second quarter of 2024. For the first six months of 2025, net income attributable to common stock was $950 million, or $2.62 per diluted share, versus $673 million, or $2.00 per diluted share, a year earlier. Total revenues for the quarter were $2.18 billion, down from $2.54 billion, with the decline driven primarily by lower commodity prices; realized crude oil prices averaged $65.58 per barrel versus $82.28 per barrel in the prior-year quarter. Results were supported by unrealized gains on commodity derivatives and cost reductions. Cash generation was strong in the first half of 2025, with net cash provided by operating activities of $2.28 billion, compared with $1.25 billion in the prior-year period, which the filing attributes primarily to the timing of working capital items. The company reduced total debt to $4.55 billion at June 30, 2025 from $6.04 billion at December 31, 2024, and repurchased 7.1 million shares for $150 million in the first six months. Dividends paid to APA common stockholders totaled $181 million in the same period. The company sold all of its New Mexico Permian assets in the second quarter for total cash consideration of $573 million, recognizing a gain of $282 million, with proceeds used primarily for debt reduction. For full-year 2025, APA expects upstream capital investment of approximately $2.3 billion to $2.4 billion, and it plans to reduce its Permian rig count from eight to six. The company also disclosed ongoing litigation and contingent decommissioning liabilities tied to sold Gulf of America properties, with contingent liabilities recorded at $1.0 billion.

Aug 7, 2025 8-K

APA 8-K Report, Executive Changes (Jun 20, 2025)

APA Corporation filed this Form 8-K, dated June 17, 2025, to report a leadership transition in its finance function. Rebecca A. Hoyt, senior vice president, Chief Accounting Officer, and Controller, informed the company on June 17, 2025 of her intention to retire. Her retirement is anticipated to take effect in 2026, once a successor has been identified and after an appropriate transition period. The filing reports no financial results, operational developments, or financial figures. The disclosure is limited to the planned departure of a senior accounting officer under Item 5.02 (Departure of Directors or Certain Officers). The filing was signed by John D. Montanti, Corporate Secretary, on June 18, 2025. For investors, the principal item is the upcoming change in the Chief Accounting Officer and Controller role. The extended timeline, with the retirement not expected until 2026 and a successor still to be identified, gives the company time to plan the handover.

Jun 20, 2025 8-K

APA 8-K Report, Executive Changes (Jun 6, 2025)

APA Corporation filed this Form 8-K dated June 4, 2025 (signed June 6, 2025) to report a personnel change. On June 4, 2025, the employment of D. Clay Bretches, Executive Vice President of Operations, was terminated. The filing is made under Item 5.02, which covers departures of certain officers and related compensatory arrangements. The filing does not state the reason for the termination, any successor appointment, or any severance or compensation terms. It contains no financial results, operational metrics, or guidance. Investors should view this as a notice of an executive departure rather than a substantive change to the company's financial position. The practical significance for investors depends on the role's importance to operations and whether a replacement is named in a later filing. Any further detail on the reasons or transition arrangements would need to come from subsequent company disclosures.

Jun 6, 2025 8-K

APA 8-K Report, Shareholder Vote Results (May 28, 2025)

At APA Corporation's annual meeting of shareholders held on May 22, 2025, 315,519,427 of the 361,441,463 eligible shares of common stock, approximately 87%, were voted. Shareholders elected all eleven director nominees to one-year terms expiring at the 2026 annual meeting. Each nominee received more For votes than Against votes, with the Against counts ranging from 2,079,393 (Kenneth M. Fisher) to 18,006,852 (Annell R. Bay). Shareholders also ratified the appointment of Ernst & Young LLP as the Company's independent auditor for fiscal year 2025, with 308,483,531 votes for, 6,368,358 against, and 667,537 abstentions. In a non-binding advisory vote, shareholders approved the compensation of the named executive officers as disclosed in the 2025 proxy statement, with 236,063,201 votes for, 45,671,250 against, and 1,106,125 abstentions. This filing reports the outcome of routine annual meeting proposals. It does not contain financial results, guidance, or transaction disclosures.

May 28, 2025 10-Q

APA Quarterly Report for Q1 Ended Mar 31, 2025

APA Corporation (APA) reported first-quarter 2025 net income attributable to common stock of $347 million, or $0.96 per diluted share, compared with $132 million, or $0.44 per diluted share, in the first quarter of 2024. Total revenues were $2.64 billion, up from $1.95 billion. The increase was primarily driven by increased production from Permian Basin drilling coupled with the Callon merger, as well as gains on extinguishment of debt, partially offset by higher depreciation, depletion, and amortization and higher income tax expense. Net cash provided by operating activities was $1.1 billion, compared with $368 million a year earlier. The company reduced its debt during the quarter. Long-term debt ended the quarter at about $5.2 billion, down $754 million from year-end 2024. Cash and cash equivalents fell to $67 million from $625 million at December 31, 2024. APA repaid the $900 million term loan in full, and it settled Apache indenture debt exchange and tender offers, with a $135 million gain recognized on the tender purchases and a total gain on extinguishment of debt of $142 million. The company repurchased 4.4 million shares for approximately $100 million and paid $91 million in common dividends. Upstream capital additions were $777 million, and the company expects full-year 2025 upstream capital investment of $2.2 billion to $2.3 billion. Subsequent to quarter-end, in May 2025, APA agreed to sell non-core Permian Basin assets and leasehold, representing a full exit from New Mexico, for $608 million in cash, with proceeds intended primarily for debt reduction. The company also announced a cost reduction initiative targeting over $350 million in annualized savings by the end of 2027. The company recorded a $76 million deferred tax expense from U.K. Finance Act 2025 remeasurement, and it continues to carry $1.0 billion in contingent liabilities for decommissioning of Legacy Gulf of America assets.

May 8, 2025 8-K

APA 8-K Report, Financial Results (May 8, 2025)

APA Corporation reported first-quarter 2025 results in a press release furnished as Exhibit 99.1 to this Form 8-K. The company reported net income attributable to common stock of $347 million, or $0.96 per diluted share, and adjusted earnings of $385 million, or $1.06 per diluted share. Net cash provided by operating activities was $1.1 billion, adjusted EBITDAX was $1.5 billion, and free cash flow was $126 million. Reported production was 469,000 barrels of oil equivalent (BOE) per day, and adjusted production excluding the Egypt noncontrolling interest and tax barrels was 398,000 BOE per day. Management highlighted cost initiatives. The company expects 2025 realized savings on controllable spend of $130 million, up from prior estimates, and a run-rate target of $225 million by year-end, up from a prior range of $100-$125 million. Development capital guidance was reduced by $150 million and exploration capital by $25 million. Permian activity is being reduced from 8 rigs to 6 by the end of the second quarter, and full-year U.S. oil production guidance of 125,000 to 127,000 barrels per day was maintained. APA also agreed to sell its New Mexico Permian assets to Permian Resources Corporation for $608 million before customary closing adjustments, with closing expected late in the second quarter and proceeds expected to go primarily to debt reduction. The filing also reports a second Alaska discovery well at Sockeye-2, with approximately 25 feet of net oil pay.

May 8, 2025 8-K

APA 8-K Report, Executive Changes (Apr 14, 2025)

APA Corporation announced on April 14, 2025 that its Board of Directors appointed Ben C. Rodgers as executive vice president and chief financial officer, effective May 12, 2025. Rodgers most recently served as the Company's senior vice president of Finance and Treasurer, a role he held since April 2024, and has been with the Company since 2018 in various treasury and finance positions. Stephen J. Riney, currently president and chief financial officer, will continue to serve as president after the effective date. Under the compensation approved by the Management Development and Compensation (MD&C) Committee, Rodgers will receive an annual base salary of $625,000 effective May 12, 2025, a target annual incentive opportunity of 100% of base salary effective on that date, and a target long-term incentive opportunity of 350% effective January 1, 2026. The filing states he has no family relationships with directors or executive officers, is not party to any related person transaction, and was not selected pursuant to any arrangement or understanding. The accompanying press release, filed as Exhibit 99.1, also announces that Rodgers will oversee accounting, audit, investor relations, planning, tax and treasury. The release further reports that Shad Frazier joined as senior vice president, U.S. Onshore Operations, effective immediately, and that Donald Martin will join as vice president, Decommissioning, effective May 26, 2025.

Apr 14, 2025 10-K

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 8-K

APA 8-K Report, Financial Results (Feb 27, 2025)

APA Corporation reported fourth-quarter and full-year 2024 results in a press release dated February 26, 2025, furnished as Exhibit 99.1 to this Form 8-K. For full-year 2024, net income attributable to common stock was $804 million, or $2.27 per diluted share, versus $2.855 billion in 2023; on an adjusted basis, 2024 earnings were $1.3 billion, or $3.77 per diluted share. Full-year net cash provided by operating activities was $3.6 billion, adjusted EBITDAX was $5.9 billion, and free cash flow was $841 million. The company returned $599 million to shareholders, equal to 71% of free cash flow, and ended the year with debt of $6 billion and cash of $625 million. Management highlighted the Callon Petroleum acquisition, the final investment decision on the GranMorgu Phase 1 project in Suriname with TotalEnergies, and a new gas price agreement in Egypt. For 2025, APA plans upstream capital of $2.5 to $2.6 billion, including $200 million for GranMorgu and $100 million for exploration, predominantly in Alaska. Total adjusted production is expected at around 396,000 BOE per day, described as relatively flat year over year, and the company committed to returning at least 60% of free cash flow to shareholders. Management also targets at least $350 million in annual run-rate savings across LOE, capital and overhead by the end of 2027. Year-end 2024 worldwide proved reserves totaled 969 million BOE, 69% of which were proved developed. The company stated it achieved investment-grade status with all three rating agencies. Reported fourth-quarter net income attributable to common stock was $354 million, or $0.96 per diluted share, and adjusted fourth-quarter earnings were $290 million, or $0.79 per diluted share. Investors should note that the release relies heavily on non-GAAP measures such as adjusted EBITDAX, adjusted earnings and free cash flow, and that the Form 10-K for 2024 was referenced as not yet filed at the time of the release.

Feb 27, 2025 8-K

APA 8-K Report, Material Agreement (Jan 16, 2025)

On January 15, 2025, APA Corporation entered into two new syndicated five-year revolving credit agreements with JPMorgan Chase Bank, N.A., as Administrative Agent, replacing its existing Former USD Facility ($1.8 billion of commitments) and Former GBP Facility (£1.5 billion of commitments), both dated April 29, 2022. The new USD Agreement provides aggregate commitments of US$2.0 billion, with a letter of credit subfacility of up to US$750 million (of which US$250 million is currently committed), and APA may increase commitments up to an aggregate US$2.5 billion. The new GBP Agreement provides £1.5 billion of commitments for loans and letters of credit. The filing states that the agreements are on terms substantially the same as the former facilities. Both agreements mature January 15, 2030, with APA able to request two one-year extensions. Apache Corporation, a wholly owned subsidiary, guarantees obligations under each agreement until Apache's senior notes and debentures outstanding first fall below US$1.0 billion. Current pricing is a Base Rate Margin of 0.30%, an Applicable Margin of 1.30%, and a facility fee of 0.20%, based on APA's Long-Term Debt Rating. The key financial covenant requires an adjusted debt-to-capital ratio of not greater than 65% at each fiscal quarter end. As of January 15, 2025, there were no borrowings or letters of credit outstanding under the Former USD Facility, and letters of credit of approximately £253 million originally issued under the Former GBP Facility are deemed outstanding under the GBP Agreement. The letters of credit are available for credit support needs, including North Sea decommissioning obligations. The filing also notes that the agreements do not allow lenders to accelerate maturity based on unspecified material adverse changes, and do not impose borrowing restrictions or prepayment obligations upon a credit rating decline.

Jan 16, 2025 8-K

APA 8-K Report, Executive Changes (Jan 10, 2025)

APA Corporation filed this Current Report on Form 8-K dated January 10, 2025 under Item 5.02 (Compensatory Arrangements of Certain Officers). On January 9, 2025, the Management Development and Compensation Committee of the Board of Directors approved a new form of Performance Share Program Agreement and a new form of Stock Option Award Agreement. Both will be used to grant awards to the Company's executive officers under the 2016 Omnibus Compensation Plan, as amended. The Performance Share Program Agreement mirrors the Company's prior form, with one change: vesting of Performance Shares is tied to two individually weighted measures, Relative Total Shareholder Return (60%) and Cash Return on Invested Capital (40%). The Stock Option Award Agreement mirrors the form used in 2018, updated to reflect amendments made to previously issued option agreements, including a revised definition of "Involuntary Termination." The filing describes governance and compensation terms only. It does not report financial results, operating developments, or new financial commitments. The full agreements are filed as Exhibits 10.1 and 10.2 and are incorporated by reference.

Jan 10, 2025 8-K

APA 8-K Report, Material Agreement (Jan 10, 2025)

APA Corporation (APA) entered into a Purchase Agreement on January 7, 2025 to sell $350,000,000 of 6.10% Notes due 2035 and $500,000,000 of 6.75% Notes due 2055 in a private offering. The sale closed on January 10, 2025, with net proceeds of approximately $839 million, which the company used to help fund the purchase of Apache Tender Notes. Apache Corporation, a wholly owned subsidiary, fully and unconditionally guarantees the new notes until Apache's existing senior notes and debentures fall below $1,000,000,000 in aggregate principal. On January 10, 2025, the company settled exchange offers and cash tender offers for Apache's outstanding notes and debentures. Holders tendered and had accepted $6.2 billion... Specifically, the filing lists tendered and accepted principal amounts totaling roughly $4.94 billion across fourteen series, which the company exchanged for new APA notes with identical rates and maturities, and it paid $868,893,748 in cash as tender consideration for the five series subject to the cash tender offers. Following the offers, Apache retained smaller balances of each series, and Apache solicited consents to remove certain restrictive and reporting covenants from the applicable indentures; consents were received and supplemental indentures took effect January 10, 2025. The filing also describes registration rights agreements requiring the company and Apache to pursue registered exchange offers for the new notes, with additional interest of 0.25% per annum (increasing by 0.25% each 90-day period, capped at 1.00%) if exchange offers are not completed within 360 days of January 10, 2025. Investors should note that the filing states the agreements are not intended to provide other factual information about the company.

Jan 10, 2025 8-K

APA 8-K Report, Executive Changes (Jan 6, 2025)

APA Corporation filed this Form 8-K dated January 6, 2025 to report a leadership change. On January 6, 2025, D. Clay Bretches, Executive Vice President of Operations, notified the company of his intention to retire, effective July 1, 2025. The filing is brief and is disclosed under Item 5.02, which covers departures of certain officers and related compensatory arrangements. The filing does not describe any financial results, guidance, or operational developments. It also does not state any compensation terms, successor arrangements, or reasons for the retirement. Investors should note that the operations executive who oversees the company's operations function will leave the company in mid-2025, based on the timing set out in this filing. Signatory is Rajesh Sharma, Corporate Secretary. The registrant's common stock, $0.625 par value, trades under the symbol APA on the Nasdaq Global Select Market.

Jan 6, 2025 8-K

APA 8-K Report, Corporate Update (Dec 3, 2024)

On December 3, 2024, APA Corporation filed this Form 8-K under Item 8.01 (Other Events) and Item 9.01 to provide financial statements and pro forma information required by Rule 3-05 and Article 11 of Regulation S-X. The filing relates to APA's April 1, 2024 completion of its acquisition of Callon Petroleum Company, which was carried out through a merger in which Callon became a wholly owned subsidiary of APA. The filing states that the pro forma information is for informational purposes only and does not represent actual results or project future results. Exhibit 99.1 contains Callon's unaudited consolidated balance sheet as of March 31, 2024 and its statements of operations, stockholders' equity, and cash flows for the three months ended March 31, 2024 and 2023. Callon reported net income of $14.9 million for the first quarter of 2024, compared with $220.6 million in the prior-year period, and total operating revenues of $563.6 million. Merger, integration and transaction expenses were $54.5 million. Callon's long-term debt was $2.02 billion at March 31, 2024, and the filing states that all Callon indebtedness was repaid at or after the merger closing. Exhibit 99.2 presents APA's unaudited pro forma combined statement of operations for the nine months ended September 30, 2024, as if the merger had closed on January 1, 2023. On that basis, pro forma net income attributable to common stock is $563 million, or $1.52 per basic and diluted share, compared with APA's historical $450 million, or $1.29 per diluted share. The filing states that 69 million APA shares were issued as merger consideration, valued at $2.39 billion, and that the exchange ratio was 1.0425 APA shares per Callon share.

Dec 3, 2024 8-K

APA 8-K Report, Financial Results (Nov 7, 2024)

APA Corporation reported third-quarter 2024 results in a press release furnished as Exhibit 99.1 to this Form 8-K, dated November 6, 2024. The company reported a net loss attributable to common stock of $223 million, or $0.60 per diluted share, driven primarily by non-cash impairments of assets in the U.K. and assets held for sale in the Permian Basin. Excluding these and other items affecting comparability, adjusted earnings were $370 million, or $1.00 per diluted share. Net cash provided by operating activities was $1.3 billion and adjusted EBITDAX was $1.6 billion. Reported production was 467,000 barrels of oil equivalent (BOE) per day, and adjusted production was 395,000 BOE per day. Operationally, the company highlighted the announced final investment decision on a 220,000 barrels per day oil development project in Suriname (GranMorgu), a $950 million non-core Permian divestiture package, and a revised Egyptian gas pricing agreement. Management said the integration of Callon is effectively complete and that most cost synergies are expected by year-end. Subsequent to quarter-end, Standard & Poor's raised APA's credit rating to BBB-, and the company now holds investment grade status at all three rating agencies. Net debt was reduced by $275 million during the quarter. For 2025, APA plans to reduce upstream capital to $2.5 to $2.6 billion in light of a softer oil price outlook, and expects to sustain adjusted oil production in the U.S. and Egypt while delivering mid-single digit adjusted BOE growth. Fourth-quarter upstream capital investment is expected to be approximately $645 million.

Nov 7, 2024 10-Q

APA Quarterly Report for Q3 Ended Sep 30, 2024

APA Corporation (filed under APA Corporation; the filing is its Form 10-Q for the quarter ended September 30, 2024) reported a third-quarter 2024 net loss attributable to common stock of $223 million, or $0.60 per diluted share, compared with net income of $459 million, or $1.49 per diluted share, in the third quarter of 2023. The decline was driven by $1.1 billion of impairments, including $793 million on North Sea oil and gas properties, a $315 million impairment of Permian Basin assets held for sale, and $3 million of North Sea inventory impairments. For the first nine months of 2024, net income attributable to common stock was $450 million, or $1.29 per diluted share, versus $1.1 billion, or $3.50 per diluted share, a year earlier. Operating cash flow strengthened, with net cash provided by operating activities of $2.6 billion for the first nine months of 2024, up from $2.1 billion, driven by higher Permian Basin volumes, production from the acquired Callon properties and working capital timing. The April 1, 2024 all-stock acquisition of Callon Petroleum Company, valued at approximately $4.5 billion including debt, added about 120,000 net Delaware Basin acres and 25,000 net Midland Basin acres. Total debt rose to $6.4 billion at September 30, 2024, from $5.2 billion at year-end 2023, and the company announced an agreement to sell non-core Permian Basin properties for $950 million, with closing expected in the fourth quarter of 2024. The company also said it will cease production in the North Sea before 2030 because expected returns do not support investments required under new regulations, and it disclosed a $188 million asset for expected reimbursement from security tied to Gulf of Mexico decommissioning costs, against contingent liabilities of $853 million. Shareholders received a quarterly dividend of $0.25 per share, and 0.1 million shares were repurchased in the quarter, leaving authorization for 39.3 million shares.

Nov 7, 2024 8-K

APA 8-K Report, Executive Changes (Oct 28, 2024)

APA Corporation (APA) filed a Form 8-K reporting that on October 24, 2024, its Board of Directors expanded the Board to eleven directors and appointed Kenneth M. Fisher as a new director. Mr. Fisher was appointed to the Audit Committee and the Cybersecurity Committee of the Board. The filing states that Mr. Fisher will receive compensation commensurate with that of the Company's other non-employee directors, with compensatory arrangements described under "Director Compensation" in the Company's definitive proxy statement for its 2024 annual meeting of stockholders, filed April 12, 2024. The filing states that no material plan, contract, or arrangement was entered into or materially amended in connection with his appointment, and that he has no arrangements or understandings with any other person under which he was selected as a director and no material interest in any related-party transaction under Item 404(a) of Regulation S-K. According to the filing, Mr. Fisher, 62, has served as Executive Vice President and Chief Financial Officer of ChampionX Corporation since February 1, 2021, after serving as Executive Vice President and Chief Financial Officer of Noble Energy, Inc. until its acquisition by Chevron in October 2020. He previously held senior finance and strategy roles at Shell and General Electric Company, and he was Chair of the ChampionX Audit Committee before becoming that company's CFO.

Oct 28, 2024 10-Q

APA Quarterly Report for Q2 Ended Jun 30, 2024

APA Corporation (formerly Apache Corporation's parent, filed as APA Corporation) reported second-quarter 2024 net income attributable to common stock of $541 million, or $1.46 per diluted share, compared with $381 million, or $1.23 per diluted share, in the second quarter of 2023. For the first six months of 2024, net income attributable to common stock was $673 million, or $2.00 per diluted share, versus $623 million, or $2.01 per diluted share, a year earlier. Results were lifted by higher production from the Callon Petroleum acquisition, completed April 1, 2024 in an all-stock transaction valued at approximately $4.5 billion including Callon's debt, along with increased Permian drilling and $276 million of second-quarter net divestiture gains. Partially offsetting these were higher depreciation, transaction and reorganization costs, and lease operating expenses. Cash generation was steady but working-capital driven: net cash provided by operating activities was $1.2 billion for the first six months of 2024, down $90 million from the prior-year period. The company invested $1.2 billion in upstream oil and gas property additions, raised $1.5 billion under a term loan to refinance Callon debt, and received $729 million from asset divestitures and $428 million from the sale of its remaining Kinetik shares. Total debt rose to $6.7 billion from $5.2 billion at year-end 2023, and cash and equivalents were $160 million at June 30, 2024. The company revised its full-year 2024 upstream capital investment estimate to approximately $2.7 billion following the Callon acquisition. The filing also highlights ongoing contingent exposures. Contingent liabilities for decommissioning Legacy Gulf of Mexico assets totaled $862 million at June 30, 2024, after surety-related disputes and BSEE orders, and the company recorded a $187 million asset for expected reimbursement from related security. Egyptian receivables from EGPC are being collected late, though management expects full collection. Shareholder returns continued, with $168 million of dividends and $144 million of share repurchases in the first half of 2024, and 39.4 million shares remaining under repurchase authorization at June 30, 2024.

Aug 2, 2024 8-K

APA 8-K Report, Financial Results (Aug 1, 2024)

APA Corporation reported second-quarter 2024 results in a press release dated July 31, 2024, furnished as Exhibit 99.1 to this Form 8-K. Net income attributable to common stock was $541 million, or $1.46 per diluted share, versus $381 million, or $1.23 per diluted share, in the second quarter of 2023. Adjusted earnings were $434 million, or $1.17 per diluted share, compared with $264 million, or $0.85 per diluted share, a year earlier. Net cash provided by operating activities was $877 million, and adjusted EBITDAX was $1.58 billion ($1,576 million). Reported production was 473,000 BOE per day, and adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 405,000 BOE per day. U.S. oil production was 139,500 barrels per day, up 67% from the first quarter of 2024, driven by the addition of Callon. Free cash flow was $103 million for the quarter, and the company returned $135 million to shareholders through dividends and share buybacks. Net debt rose to $6.58 billion at June 30, 2024, from $5.10 billion at December 31, 2023, after the Callon acquisition and related financing, and the term loan facility proceeds of $1.5 billion were used alongside payments on the Callon credit agreement and fixed-rate debt. Closed non-core asset sales generated approximately $660 million in net proceeds. Management raised its full-year estimate of net gain on third-party oil and gas purchases and sales to $350 million, and said Callon integration is ahead of schedule with annual cost synergies now estimated at $250 million, up $100 million from the initial estimate. The company expects full-year 2024 capital at or below its $2.7 billion guidance, with nine to 10 rigs in the Permian Basin and 11 rigs in Egypt for the rest of the year. APA and TotalEnergies remain on track for a final investment decision on Suriname Block 58 by year-end 2024, with first oil targeted for 2028.

Aug 1, 2024 8-K

APA 8-K/A Report, Exhibit Filing (Jun 13, 2024)

APA Corporation filed this Form 8-K/A amendment on June 13, 2024 to provide the financial statements and pro forma financial information required by Item 9.01 for its acquisition of Callon Petroleum Company, which closed on April 1, 2024 under the Agreement and Plan of Merger dated January 3, 2024. In the merger, Astro Comet Merger Sub Corp. merged into Callon, with Callon surviving. Callon stockholders received 1.0425 shares of APA common stock for each eligible Callon share. The filing states that the pro forma information is presented for informational purposes only and does not project future results. The filing's pro forma combined statement of operations for the year ended December 31, 2023 shows pro forma total revenues of $10,578 million (APA historical $8,279 million; Callon as adjusted $2,299 million) and pro forma net income attributable to common stock of $4,021 million, or $10.63 per diluted share. The preliminary purchase price allocation sets total consideration transferred at $2,440 million, consisting of $2,394 million of APA common stock issued (69 million shares at a closing price of $34.53) plus other items. Fair value of oil and gas properties acquired is $4,503 million, and assumed long-term debt is $2,113 million. The purchase price allocation is preliminary and APA expects to finalize it no later than one year from April 1, 2024. On a pro forma basis, the combined company's total proved reserves at December 31, 2023 are presented as 1,240,990 thousand barrels of oil equivalent, and the pro forma standardized measure of discounted future net cash flows is $15,474 million. Pro forma financing reflects a new $1.5 billion senior unsecured delayed-draw term loan with a weighted average interest rate of 7.1%, which APA states will mature in three years. Transaction costs of approximately $114 million are included as nonrecurring adjustments.

Jun 13, 2024 8-K

APA 8-K Report, Shareholder Vote Results (May 29, 2024)

APA Corporation held its annual meeting of shareholders on May 23, 2024. Of 301,106,810 shares of common stock eligible to vote, 260,342,093 shares, or 86.46%, were voted. Shareholders elected all ten director nominees to one-year terms expiring at the 2025 annual meeting, ratified Ernst & Young LLP as independent auditor for fiscal year 2024, and approved on a non-binding advisory basis the compensation of the named executive officers as disclosed in the 2024 proxy statement. For each director nominee, votes in favor exceeded votes against, with support ranging from 218,215,270 to 224,079,985 votes for. The auditor ratification received 253,793,342 votes for, 6,212,188 against, and 336,563 abstentions. The say-on-pay proposal received 158,366,379 votes for, 69,581,737 against, 527,615 abstentions, and 31,866,362 broker non-votes, and was approved by the majority of shares voted, excluding abstentions and broker non-votes. The filing reports only the voting results from the meeting. It does not describe any other business transacted at the meeting.

May 29, 2024 8-K

APA 8-K Report, Financial Results (May 2, 2024)

APA Corporation reported first-quarter 2024 results in a press release (Exhibit 99.1) dated May 1, 2024. The company posted net income attributable to common stock of $132 million, or $0.44 per diluted share, versus $242 million, or $0.78 per diluted share, in the first quarter of 2023. On an adjusted basis, first-quarter earnings were $237 million, or $0.78 per diluted share. Net cash provided by operating activities was $368 million and adjusted EBITDAX was $1.24 billion. Reported production averaged 389,000 BOE per day, and adjusted production, which excludes Egypt noncontrolling interest and tax barrels, averaged 320,000 BOE per day. The quarter's most significant development was the completion of the Callon Petroleum Company acquisition. Management increased expected annual cost synergies from the transaction by 50% to $225 million and revised full-year 2024 guidance, now planning $2.7 billion of upstream oil and gas capital investment. The company expects to average approximately 10 U.S. rigs for the remainder of 2024. Management also stated that the Permian Basin is expected to represent more than 70% of total company capital expense and production for 2024, updated for the acquisition. Other items in the quarter included a $66 million loss on previously sold Gulf of Mexico properties, $27 million in transaction, reorganization, and separation costs, and $148 million of exploration expense, including $123 million of dry hole expense. Free cash flow was $99 million, and net debt was $5.08 billion at March 31, 2024. In Alaska, the King Street #1 well found high-quality oil in two zones, while the Sockeye #1 and Voodoo #1 wells did not reach their target objectives, and the joint venture is evaluating next steps.

May 2, 2024 10-Q

APA Quarterly Report for Q1 Ended Mar 31, 2024

APA Corporation reported first-quarter 2024 net income attributable to common stock of $132 million, or $0.44 per diluted share, compared with $242 million, or $0.78 per diluted share, in the first quarter of 2023. Results were primarily impacted by higher depreciation, depletion, and amortization ($430 million versus $332 million), higher exploration expense driven by dry hole costs ($148 million versus $52 million), and a $66 million loss on previously sold Gulf of Mexico properties, partially offset by lower deferred income tax expense. Total revenues were $1.95 billion, versus $2.01 billion a year earlier. Net cash provided by operating activities rose to $368 million from $335 million, which the company attributes primarily to the timing of working capital items. The filing describes the April 1, 2024 completion of the all-stock acquisition of Callon Petroleum Company, valued at approximately $4.5 billion including Callon's debt, with APA issuing approximately 70 million shares. APA funded the refinancing of Callon debt with $1.5 billion of senior unsecured term loans and borrowings under its USD credit facility. Following the acquisition, the company revised its full-year 2024 estimated upstream capital investment to approximately $2.7 billion. During the quarter, APA sold its remaining Kinetik shares for $428 million and repurchased 3.0 million shares for $101 million while paying $76 million in common dividends. Balance sheet figures show total debt of $5.18 billion and cash of $102 million at March 31, 2024. The filing also discloses ongoing exposure to legacy Gulf of Mexico decommissioning obligations, with contingent liabilities of $847 million, and the Egyptian receivable collection delays tied to a U.S. dollar shortage in Egypt.

May 2, 2024 8-K

APA 8-K Report, Executive Changes (Apr 10, 2024)

APA Corporation filed this Form 8-K to report that David A. Pursell, Executive Vice President of Development, left the company effective April 9, 2024. The filing states that his departure resulted from the restructuring of the Company's development function. The report is filed under Item 5.02, which covers departures of directors or certain officers and related compensatory arrangements. The filing does not disclose any compensation terms, severance arrangements, or a successor for the role. It also does not describe the scope or financial impact of the development function restructuring. Investors seeking those details would need to look to subsequent company disclosures. The filing is signed by Rajesh Sharma, Corporate Secretary, and is dated April 10, 2024, with an earliest event date of April 9, 2024.

Apr 10, 2024 8-K

APA 8-K Report, Material Agreement (Apr 1, 2024)

On April 1, 2024, APA Corporation completed its previously announced acquisition of Callon Petroleum Company through the merger of a wholly owned APA subsidiary with and into Callon. Each Callon common share was converted into the right to receive 1.0425 shares of APA common stock, and the press release states APA issued approximately 70 million shares in the transaction. The press release says the acquisition brings APA's daily reported production to approximately 500,000 barrels of oil equivalent, about two-thirds from the Permian Basin, and adds approximately 120,000 net acres in the Delaware Basin and 25,000 net acres in the Midland Basin. APA's CEO stated that the company expects improved capital productivity, well performance and significant cost synergies. To fund the deal, APA borrowed $1.5 billion in senior unsecured term loans maturing April 1, 2027, under a credit agreement dated January 30, 2024. The proceeds were used to refinance Callon's Credit Agreement debt and its 2026 Notes, and to pay fees and expenses. Callon's 2028 and 2030 Senior Notes were reduced to an aggregate $23.9 million outstanding, so no Callon guarantee of APA's obligations is required. The lenders' $500 million 364-day delayed-draw tranche was allowed to expire unused. As part of the closing, APA issued warrants to purchase 501,708 shares of APA common stock at $88.15 per share, exercisable until August 10, 2027 on a net share settlement basis. APA also expanded its Board from 10 to 12 members, adding Matthew R. Bob, Callon's former board chair, and Anya Weaving, with both expected to serve on the Audit Committee and the Corporate Responsibility, Governance, and Nominating Committee. The financial statements and pro forma information for Callon will be filed by amendment.

Apr 1, 2024 8-K

APA 8-K Report, Shareholder Vote Results (Mar 27, 2024)

APA Corporation (APA) held a special meeting of stockholders on March 27, 2024 to vote on the Issuance Proposal, which would approve issuing shares of APA common stock in connection with the proposed merger with Callon Petroleum Company under the Agreement and Plan of Merger dated January 3, 2024 among APA, Astro Comet Merger Sub Corp., and Callon. The proposal was approved by the affirmative vote of a majority of shares properly cast on it. Of 301,553,429 shares outstanding and entitled to vote as of the February 15, 2024 record date, 230,348,581.342 shares were represented at the meeting, which constituted a quorum. The vote tally was 225,998,399.658 shares for, 1,966,932.972 against, and 2,383,248.712 abstentions. Because there were sufficient votes to approve the Issuance Proposal, no adjournment proposal was presented. Completion of the merger remains subject to customary closing conditions set forth in the Merger Agreement, and the merger is currently expected to be completed on April 1, 2024. The filing also includes standard forward-looking statement cautions covering risks such as whether the transaction closes on time, integration of Callon's operations, and potential litigation.

Mar 27, 2024 8-K

APA 8-K Report, Corporate Update (Mar 15, 2024)

This Form 8-K supplements the joint proxy statement/prospectus for APA Corporation's proposed acquisition of Callon Petroleum Company under a Merger Agreement dated January 3, 2024. Under the agreement, Callon will merge into a wholly owned APA subsidiary, and each Callon share (other than Excluded Shares) will convert into 1.0425 shares of APA common stock, with cash in lieu of fractional shares. The Registration Statement on Form S-4 was declared effective on February 15, 2024, and special stockholder meetings for both companies are scheduled for March 27, 2024. The filing states that APA and Callon have received demand letters (two for APA and thirteen for Callon) and that five complaints have been filed, alleging disclosure deficiencies in the proxy statement/prospectus. APA believes the allegations are without merit and says it is voluntarily adding supplemental disclosures to reduce the risk of delay and litigation expense without admitting any liability. The supplemental disclosures cover the negotiating history with APA and a competing bidder referred to as 'Company D,' the financial advisor fee arrangements, and the synergy estimates. Callon's board ratified its January 3, 2024 approvals by unanimous written consent on March 15, 2024. Key figures disclosed include a $150 million annual run-rate synergy target, composed of approximately $55 million from public company cost and G&A savings, $40 million from refinancing Callon debt at APA's cost, and $55 million from operating efficiencies. The filing also reports that RBCCM is entitled to a fee of $13.0 million, of which $2.5 million was paid at signing, and that Morgan Stanley delivered an opinion that the exchange ratio is fair, from a financial point of view, to Callon's stockholders other than APA and its affiliates.

Mar 15, 2024 8-K

APA 8-K Report, Financial Results (Feb 22, 2024)

APA Corporation reported fourth-quarter and full-year 2023 results in a press release furnished as Exhibit 99.1. For full-year 2023, the company reported net income of $2.9 billion, or $9.25 per diluted common share, and adjusted earnings of $1.4 billion, or $4.53 per diluted share. Net cash provided by operating activities was $3.1 billion, adjusted EBITDAX was $5.3 billion, and free cash flow (FCF) was $965 million. APA returned $637 million to shareholders, or 66% of FCF, through $329 million of share repurchases and $308 million of dividends. Net debt ended the year at $5.1 billion, down slightly from the end of 2022. Fourth-quarter GAAP net income of $1.8 billion, or $5.78 per diluted share, included a $1,634 million tax-related valuation allowance and other tax adjustment. Adjusted fourth-quarter earnings were $352 million, or $1.15 per diluted share. Operationally, total company oil production increased 8% year-over-year in 2023, and U.S. oil rose 12% from fourth-quarter 2022 to fourth-quarter 2023, driven by Permian Basin execution and well performance. APA identified an estimated 700 million barrels of recoverable oil resource at Sapakara and Krabdagu on Block 58 offshore Suriname, and it added onshore leases in Alaska and two offshore blocks in Uruguay. Year-end 2023 worldwide estimated proved reserves totaled 807 million BOE, 91% of which were proved developed. Looking ahead, APA plans a 2024 upstream capital budget of $1.9 to $2.0 billion and expects to invest to sustain production on a year-over-year basis. The company forecasts U.S. oil growth of approximately 8% in 2024 and more than 10% from fourth-quarter 2023 to fourth-quarter 2024. It also committed to returning at least 60% of FCF to shareholders and said the pending acquisition of Callon Petroleum Company adds scale to its Delaware Basin assets and is expected to be accretive to key financial metrics.

Feb 22, 2024 10-K

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 8-K

APA 8-K Report, Material Agreement (Jan 30, 2024)

APA Corporation entered into a Credit Agreement on January 30, 2024, with JPMorgan Chase Bank, N.A. as administrative agent, committing an aggregate $2.0 billion in senior unsecured delayed-draw term loans. The proceeds, subject to limited conditions, may be used to refinance certain indebtedness of Callon Petroleum Company upon or after the closing of APA's pending acquisition of Callon under the Merger Agreement dated January 3, 2024. The loans are available only on the Closing Date and consist of $1.5 billion in 3-Year Tranche Loans maturing three years after closing and $500 million in 364-Day Tranche Loans maturing 364 days after closing. The Credit Agreement carries a ticking fee of 0.225% per annum on undrawn commitments, beginning 90 days after January 3, 2024. Borrowings bear interest at either a base rate or adjusted SOFR plus margins based on APA's Long-Term Debt Rating, which is currently determined by Apache's rating. Current margins are 0.625% (Base Rate) and 1.625% (SOFR) for 364-Day Tranche Loans, and 0.75% (Base Rate) and 1.75% (SOFR) for 3-Year Tranche Loans. Covenants include a maximum adjusted debt-to-capital ratio of 60% at each fiscal quarter end, and the agreement replaces up to $2.0 billion of commitments under a bridge loan commitment letter dated January 3, 2024. Funding is conditioned on closing of the Callon acquisition, repayment of Callon's credit agreement and 2026 Notes, and other customary conditions. Apache Corporation guarantees the obligations until its senior notes and debentures fall below $1.0 billion, and Callon must guarantee the obligations if at least $400 million of its 2028 and 2030 Notes remain outstanding 120 days after closing.

Jan 30, 2024 8-K

APA 8-K Report, Executive Changes (Jan 12, 2024)

APA Corporation filed a Form 8-K on January 12, 2024 under Item 5.02 (Compensatory Arrangements of Certain Officers) to disclose a new form of Performance Share Program Agreement. The Management Development and Compensation Committee of the Board approved the 2024 Performance Share Program Agreement on January 8, 2024. Performance Shares will be awarded to the Company's executive officers under the 2016 Omnibus Compensation Plan, as amended. The new agreement mirrors the prior form of performance share program agreement, with several changes to how awards vest. Vesting is based on three individually weighted measures: Relative Total Shareholder Return (40%), Cash Return on Invested Capital (CROIC) (40%), and reduction in global methane intensity (20%). The methane measure is tied to the three-year reduction against a previous baseline year, using calculation standards applicable to each country of operations. A notable structural change is that the CROIC measure is based on a fixed cash target amount, subject to adjustment based on performance-period results, and is not adjusted for the Company's common stock price. The TSR and methane measures remain subject to adjustment for both performance results and the stock price. The full agreement is filed as Exhibit 10.1, a Form of 2024 Performance Share Program Agreement dated January 8, 2024.

Jan 12, 2024 8-K

APA 8-K Report, Executive Changes (Jan 10, 2024)

APA Corporation, filing under that name on January 10, 2024, reported in an Item 5.02 Current Report that its Management Development and Compensation Committee, acting under authority delegated by the full Board, appointed Stephen J. Riney, 63, to the role of president and chief financial officer effective January 1, 2024. John J. Christmann IV, who previously held the president role, continues as chief executive officer and a Board member. Riney had already served as executive vice president since February 18, 2015, and as chief financial officer since March 3, 2015. The filing sets Riney's compensation effective January 1, 2024: an annual base salary of $900,000, a target annual incentive opportunity of 120% of base salary, and a target long-term incentive opportunity of 600%. The long-term incentive consists of performance shares (cash-based restricted stock units with performance conditions) and restricted stock units, granted under the 2016 Omnibus Compensation Plan, as amended. The filing states Riney has no family relationship with any director or executive officer, is not party to any related person transaction, and was not selected under any arrangement with another person. The company issued a press release on January 9, 2024, describing the promotion, which is furnished as Exhibit 99.1. The release states Christmann credited Riney with helping refine APA's strategic direction and says the promotion formalizes Riney's role in guiding strategy, goals and execution.

Jan 10, 2024