APAAPA Corporation
- Employees
- 1,791
- Headquarters
- Houston, TX
- CEO
- John J. Christmann IV
- Next results
- around Jan 19, 2027
23 paragraphs in Risk Factors of the 10-K filed Feb 26, 2026 with nothing like them in the 10-K filed Feb 28, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 19 Energy companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
The market prices for crude oil, natural gas, and NGLs depend on factors beyond the Company’s control, including:
Similar paragraph at 1 of 19 other Energy companies: PSXRead in the 10-K ↗
•the timing, scope, implementation, and potential judicial review of energy transition and climate-related policies and regulations (such as methane fees, emissions reporting requirements, carbon pricing mechanisms, and other climate-related measures);
Read in the 10-K ↗
The Company’s operations are subject to hazards and risks inherent in the drilling, production, and transportation of crude oil, natural gas, and NGLs, including well blowouts, explosions, fires, cratering, pipeline or other facility ruptures and
Read in the 10-K ↗
Frontier exploration and development projects, including those in new or re-entered jurisdictions, involve heightened operational, regulatory, and execution risks that could adversely affect the Company’s results of operations and financial condition.
The Company’s exploration and development portfolio includes higher‑risk frontier opportunities, including in Alaska and offshore Suriname and Uruguay, which may involve extended timelines, complex permitting and stakeholder processes, logistical constraints, and heightened regulatory scrutiny. Operations in new countries or areas where the Company has limited recent operating history may also require the establishment or reestablishment of local relationships, workforce and supply chains, regulatory familiarity, and infrastructure, and may expose the Company to unfamiliar legal frameworks, fiscal regimes, community engagement expectations, and political dynamics.
Delays or adverse outcomes in permitting, litigation (including parties seeking legal or equitable relief to prevent or otherwise limit exploration activities, such as for the acquisition of seismic data or for drilling operations), appraisal drilling, or commercial development decisions could result in the deferral, impairment, or partial or complete loss of anticipated value of exploration, development, and production assets and the recognition of additional exploration expense. In addition, unanticipated technical, geological, operational, or regulatory challenges in such jurisdictions could increase capital requirements, extend project timelines, or adversely affect the commercial viability of these projects. These risks may be amplified in jurisdictions where regulatory regimes are evolving or where litigation or public opposition to offshore exploration activities has increased.
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The agreements relating to the Company’s divestment of domestic and international assets generally contain provisions pursuant to which liabilities related to past and future operations (one of the most significant of which is the decommissioning
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amount of dividends the Company pays to shareholders, or reduction in the pace of share repurchases, could have an adverse effect on the market price of the Company’s common stock.
Similar paragraph at 1 of 19 other Energy companies: COPRead in the 10-K ↗
Changes to laws, regulations, guidance, and industry standards, or interpretations thereof, or higher than anticipated costs for asset retirement and decommissioning obligations could adversely affect the Company’s results of operations and cash flows.
The Company is subject to extensive requirements governing the plugging, abandonment, and decommissioning of wells, facilities, sites, and related infrastructure. The cost, timing, and other aspects of these activities are uncertain and may be materially affected by changes in laws, regulations, guidance, or industry standards and by changes in the Company’s understanding and implementation of the decommissioning tasks and activities required, including the complexity thereof. There is an increased focus on decommissioning requirements, financial assurance, and environmental remediation in countries where the Company operates. New or revised rules, guidance, interpretations, or contractual frameworks, or the administration thereof, could expand the scope of required activities, alter timelines, or increase financial guarantees or other forms of financial security obligations, resulting in higher costs and greater cash flow demands.
For the Company’s decommissioning obligations in the North Sea, the regulatory framework and the standards applicable to removal and seabed clearance may continue to evolve. For example, on September 5, 2025, the Offshore Petroleum Regulator for Environment and Decommissioning (OPRED) opened a consultation on draft supplementary guidance on the methodology for considering derogations for removal of certain subsea structures under OSPAR Decision 98/3. The consultation materials emphasize a policy objective of achieving a “clear seabed,” a presumption in favor of removal, and an expectation of a reduction in derogations, with a revised methodology that evaluates full removal against certain criteria before a derogation proposal may proceed. While the consultation period ended on November 14, 2025, and the proposal has not been finalized, if ultimately adopted and implemented, such changes, together with any related changes in regulatory expectations or enforcement, could require more extensive removal, seabed clearance, monitoring, or documentation than the Company currently anticipates, materially increase the Company’s estimated decommissioning obligations and costs in the North Sea, and adversely affect the Company’s cash flows and results of operations.
Additionally, inflation, supply constraints, and limited contractor and vessel availability have raised decommissioning costs in recent periods. If decommissioning spending materially exceeds current estimates or the Company’s joint venture partners, current owners of the Company’s previous assets, or other third parties (including governments) responsible for funding or reimbursing decommissioning costs fail to meet their obligations, the Company’s cash flows, capital resources, and liquidity could be adversely affected.
Read in the 10-K ↗
The Company’s operations outside the U.S. are based primarily in Egypt and the U.K., with significant exploration, appraisal, and development activities offshore Suriname, which involve long-cycle projects with significant capital requirements and are subject to host-government approvals and fiscal and contractual frameworks that may evolve over time. On a barrel equivalent basis, approximately 38 percent of the Company’s 2025 production was outside the U.S., and approximately 26 percent of the Company’s estimated proved oil and gas reserves as of December 31, 2025, were located outside the U.S. As a result, a significant portion of the Company’s production and resources are subject to the increased political and economic risks and other factors associated with international operations, including, but not limited to:
•forced renegotiation or modification of existing contracts, including through prospective or retroactive changes in laws and regulations;
•litigation, including as initiated by or otherwise involving non-governmental organizations;
•exchange controls, currency fluctuations, devaluations, or other activities that limit or disrupt markets and restrict payments or the movement of funds;
•constrained oil or natural gas markets dependent on demand in a single or limited geographical area;
•laws and policies of the U.S. affecting foreign trade, including trade sanctions and tariffs;
•the possibility of being subject to exclusive jurisdiction of foreign courts or tribunals in connection with legal disputes relating to licenses to operate and concession rights in countries where the Company currently operates;
•the possible inability to subject foreign persons, especially foreign oil ministries and national oil companies, to the jurisdiction of courts in the U.S.; and
•difficulties in enforcing the Company’s rights against a governmental agency or state-owned or government-controlled entities because of the doctrine of sovereign immunity and foreign sovereignty over international operations.
Similar paragraph at 1 of 19 other Energy companies: EOGIn certain jurisdictions, governmental authorities may be exercised by multiple ministries, agencies, state-owned or government-controlled entities, or other governmental bodies with overlapping or evolving mandates. As a result, the Company may encounter inconsistent or shifting application of laws, regulations, contractual terms, or administrative requirements, including additional approvals, documentation requests, or procedural conditions. Compliance with such requirements may increase costs, delay operations, or affect project economics.
In addition, certain of the Company’s frontier exploration activities may be subject to legal or administrative challenges in host jurisdictions. For example, in Uruguay, legal actions have recently been filed seeking to enjoin offshore drilling activities and to prevent the acquisition of seismic data. Although a request for injunctive relief was denied by a local court in one case, the underlying litigation remains pending and may be appealed or otherwise continued. If such challenges were successful, they could delay or impede the Company’s exploration and appraisal activities in Uruguay, increase costs, or adversely affect the Company’s ability to advance or realize value from those assets.
Read in the 10-K ↗
New in the latest 10-Q
8 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
During the third quarter of 2025, the Government of Egypt awarded the Company an additional two million net exploration acres in the Western Desert. In addition to a signature bonus of $ 25 million, the Company committed to a drilling program on the acreage that the Company believed it would be able to meet in the normal course of operations.
Read in the 10-Q ↗
Subsequent to September 30, 2026, the Company entered into basis swap contracts purchasing NYMEX Henry Hub/Waha totaling 29,200,000 MMBtu with a weighted average price differential of $( 1.64 ) for January to December 2027.
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Other information
On November 3, 2026 (the “Freeze Date”), the APA Corporation Deferred Delivery Plan, as amended and restated effective May 12, 2016 (the “Plan”), was amended to freeze the Plan. The Plan is an unfunded nonqualified deferred compensation plan maintained for a select group of management and highly compensated employees, including the Company’s named executive officers. Effective as of the Freeze Date: (i) no new participants will be admitted to the Plan; (ii) no new deferral elections will be accepted for compensation attributable to services performed on or after January 1, 2027; and (iii) no new Company contributions will be credited to participants’ accounts.
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The freeze does not reduce any vested benefits accrued under the Plan. All existing account balances, vesting schedules, distribution elections, and dividend-equivalent crediting remain in full force and effect in accordance with the terms of the Plan. The Plan is not being terminated, and distributions will continue to be made in accordance with participants’ existing elections.
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The foregoing description of the amendment is qualified in its entirety by reference to the full text of the First Amendment to the APA Corporation Deferred Delivery Plan, a copy of which is filed as Exhibit 10.2 to this Quarterly Report on Form 10-Q and is incorporated herein by reference.
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Item 6
*†10.2 First Amendment to the Deferred Delivery Plan, effective November 3, 2026.
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*†10.3 Non-Employee Directors’ Compensation Plan, as amended and restated September 15, 2026.
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*†10.4 Non-Employee Directors’ Restricted Stock Units Program Specifications, effective January 1, 2027.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 26, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
There have been no material changes to the risk factors disclosed in Part I, Item 1A - Risk Factors of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as supplemented by Part II, Item 1A - Risk Factors of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Work on APA in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/APA/export.csv") into a cell.