APA Corporation announces third-quarter 2026
• Reported production of approximately 450,000 barrels of oil equivalent (BOE) per day; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 381,000 BOE per day and exceeded guidance;
• Delivered U.S. oil production of 128,000 barrels of oil per day, 4,000 barrels above guidance through high uptime, earlier turn-in-lines and robust new well performance;
• Generated $1.38 billion of net cash provided by operating activities, $699 million of free cash flow, and $1.86 billion of adjusted EBITDAX;
• Returned $537 million to shareholders including $450 million of share repurchases;
• Repaid $451 million of debt maturities in the third quarter; total debt has declined by $2.8 billion since year-end 2024, lowering annualized interest expense by more than $180 million;
• Reiterated $500 million run-rate cost savings across capital, lease operating expense and G&A by year-end 2026;
• Increased full-year 2026 free cash flow outlook to approximately $2.9 billion, reflecting stronger operating performance and higher commodity prices;
• Lowered net debt target to $2 billion, reinforcing commitment to a strong balance sheet; and
• Established preliminary capital budget of $2.5 billion for 2027; exploration capital and GranMorgu development to account for approximately 60% of the year- over-year increase.
HOUSTON, Nov. 4, 2026 – APA Corporation (Nasdaq: APA) today announced its financial and operational results for the third quarter of 2026. APA reported net income attributable to common stock of $698 million, or $2.00 per diluted share. When adjusted for certain items that impact the comparability of results, APA’s third-quarter earnings totaled $676 million, or $1.94 per diluted share. 1
Third-quarter reported production was 450,000 BOE per day, and adjusted production was 381,000 BOE per day, both exceeding guidance. U.S. oil production averaged 128,000 barrels per day, 4,000 barrels per day above guidance, reflecting high uptime, earlier turn-in-lines and robust new well performance in the Permian Basin.
In Egypt, gross production averaged 206,000 BOE per day, relatively flat with the second quarter. Gross gas production increased to 542 million cubic feet (MMCF) per day, exceeding guidance through strong well performance and more resilient base production. Average gas realizations increased to $4.34 per Mcf from $4.23 in the second quarter. Adjusted production averaged 64,000 BOE per day, slightly lower than guidance primarily due to production sharing contract impacts associated with higher Brent prices.
Net cash provided by operating activities was $1.38 billion, and adjusted EBITDAX was $1.86 billion. Upstream capital investment was $466 million, approximately $30 million below guidance, primarily reflecting timing impacts of GranMorgu capital spending that shifted into the fourth quarter; lease operating expense was $418 million. Free cash flow totaled $699 million, bringing year-to- date free cash flow to $1.91 billion.
APA has repaid $1.2 billion of debt maturities year-to-date, including $451 million in the third quarter. The company has reduced total debt by $2.8 billion since year-end 2024, lowering annualized interest expense by more than $180 million; these savings are incremental to the company’s controllable spend reduction program. Net debt was $3.2 billion at the end of the third quarter.
APA returned $537 million to shareholders through dividends and share repurchases during the third quarter. Through October, the company repurchased an additional 4.5 million shares at an average price of $47.32 per share, bringing total year-to-date repurchases to 17.8 million shares. Consistent with its established capital returns framework, APA expects to return at least 60% of 2026 free cash flow to shareholders while continuing to strengthen its balance sheet.
At current strip prices APA expects to reach its $3 billion net debt target by year-end. Building on this progress, the company has updated its net debt target to $2 billion. Continued debt reduction will lower financing costs and enhance financial flexibility.
“We are delivering another strong year, with our third-quarter results reflecting the quality of our assets and consistent execution across the business,” said John J. Christmann IV, APA’s CEO. “Our teams are raising the standard for performance, operating more efficiently, and translating those gains into substantial cash flow. This quarter alone, we generated nearly $700 million in free cash flow, returned more than $500 million to shareholders and reduced total debt by more than $450 million.”
Continued drilling and completion efficiency gains in the Permian are improving capital productivity and supporting an increase in full-year U.S. oil production to 124,000 barrels per day, above the company’s initial guidance of 120,000 to 122,000 barrels per day. Faster drilling cycle times are also enabling APA to accelerate completion activity into the fourth quarter, increasing 2026 Permian capital investment by $30 million and supporting a smoother production profile entering 2027. Fourth-quarter U.S. oil production is expected to moderate with the timing of turn-in-lines during the year and seasonal weather impacts.
In Egypt, gross BOE production is expected to increase slightly for the fourth quarter and full year.
Fourth-quarter upstream capital investment is expected to be approximately $525 million reflecting timing shifts in Suriname and increased Permian activity.
Full-year abandonment and decommissioning expenditures are now expected to total $285 million, a $15 million reduction from prior guidance. Lease operating expense guidance has been increased $25 million to $1,525 million to reflect higher stock-based compensation expense allocated to LOE.
At current strip prices, APA expects to generate approximately $2.9 billion of free cash flow in 2026, an increase of $600 million from its August update. The stronger free cash flow outlook supports substantial fourth-quarter share repurchases alongside continued debt reduction.
APA’s preliminary budget for 2027 upstream capital investment is $2.5 billion. Exploration and GranMorgu development represent approximately 60% of the $400 million year-over-year increase, with the balance reflecting increased Permian activity and expected service cost inflation. This investment program is expected to result in similar U.S. and Egypt production year-over-year.
“We will enter 2027 well positioned, with a strong core business and significant opportunities ahead. Our Permian and Egypt assets provide a reliable production and cash flow base, while GranMorgu continues to progress toward first oil in mid-2028. Our diversified portfolio, strengthened balance sheet, and the capital carry in Suriname provide APA with a distinct financial advantage. We have the capacity to advance high-impact exploration opportunities, further reduce debt, and deliver substantial shareholder returns,” Christmann concluded.
APA will host a conference call to discuss its third-quarter 2026 results at 10 a.m. Central time, Thursday, Nov. 5. The conference call will be webcast from APA’s website at www.apacorp.com and investor.apacorp.com . Following the conference call, a replay will be available for one year on the “Investors” page of the company’s website.
APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com .
Additional information follows, including reconciliations of adjusted earnings, adjusted EBITDAX, upstream capital investment, net debt, cash flows from operations before changes in operating assets and liabilities, and free cash flow (non-GAAP financial measures) to GAAP measures and information regarding adjusted production. APA’s quarterly supplement is available at www.apacorp.com/financialdata .
APA’s financial information includes information prepared in conformity with generally accepted accounting principles (GAAP) as well as non-GAAP financial information. It is management’s intent to provide non-GAAP financial information to enhance understanding of our consolidated financial information as prepared in accordance with GAAP. Adjusted earnings, adjusted EBITDAX, upstream capital investment , net debt, cash flows from operations before changes in operating assets and liabilities and free cash flow are non-GAAP measures. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure.
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “guidance,” “intends,” “may,” “might,” “outlook,” “plans,” “possible,” “potential,” “predict,” “projects,” “prospects,” “seeks,” “should,” “target,” “upside,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, beliefs, and objectives, including statements about our capital plans and budget, drilling and development plans (including activities in Alaska, Uruguay, and Suriname), production expectations, asset acquisitions (including the pending Savant acquisition and the expected closing thereof and benefits therefrom), debt reduction targets, capital returns (including the target to return at least 60% of free cash flow to shareholders), and tax, interest, and other cost savings. While forward- looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in APA’s Form 10-K for the year ended Dec. 31, 2025, and in our quarterly reports on Form 10-Q for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable, and possible reserves that meet the SEC’s definitions for such terms. APA may use certain terms in this news release, such as “resources,” “potential resources,” “resource potential,” “estimated net reserves,” “recoverable reserves,” and other similar terms that the SEC guidelines strictly prohibit APA from including in filings with the SEC. Such terms do not take into account the certainty of resource recovery, which is contingent on exploration success, technical improvements in drilling access, commerciality, and other factors, and are therefore not indicative of expected future resource recovery and should not be relied upon. Investors are urged to consider carefully the disclosure in APA’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025, available from APA at www.apacorp.com or by writing APA at: 2000 W Sam Houston Pkwy S, Suite 200, Houston, TX 77042 (Attn: Corporate Secretary). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC’s website at www.sec.gov .
(1) Includes net production volumes attributed to our noncontrolling partner in Egypt below:
Adjusted production excludes certain items that management believes affect the comparability of operating results for the periods presented. Adjusted production excludes production attributable to 1) noncontrolling interest in Egypt and 2) Egypt tax barrels. Management uses adjusted production to evaluate the company’s operational trends and performance and believes it is useful to investors and other third parties.
SUMMARY BALANCE SHEET INFORMATION 2026 September 30, 2025 December 31, ────────────────────────────────────────────────────────────────────────────── Cash and cash $ 75 $ 516 equivalents Other current assets 2,204 1,605 Property and 12,890 12,748 equipment, net Deferred tax asset 2,059 2,328 Deferred charges and 655 564 other Total assets $ 17,883 $ 17,761 Current debt $ 3 $ 213 Current liabilities 2,693 2,358 Long-term debt 3,292 4,280 Asset retirement 2,711 2,699 obligation, long-term Decommissioning contingency for sold 592 782 Gulf of America properties Deferred credits and other noncurrent 480 426 liabilities APA shareholders’ 7,186 6,093 equity Noncontrolling 926 910 interest Total Liabilities and $ 17,883 $ 17,761 equity Common shares outstanding at end of 340 353 period
(In millions) Reconciliation of Costs incurred to Upstream capital investment Management believes the presentation of upstream capital investments is useful for investors to assess APA’s expenditures related to our upstream capital activity. We define capital investments as costs incurred for oil and gas activities, adjusted to exclude property and leasehold acquisitions, asset retirement additions and revisions, capitalized interest, and certain exploration expenses. Upstream capital expenditures attributable to a one-third noncontrolling interest in Egypt are also excluded. Management believes this provides a more accurate reflection of APA’s cash expenditures related to upstream capital activity and is consistent with how we plan our capital budget.
Reconciliation of Net cash provided by operating activities to Cash flows from operations before changes in operating assets and liabilities and Free cash flow Cash flows from operations before changes in operating assets and liabilities and free cash flow are non-GAAP financial measures. APA uses these measures internally and provides this information because management believes it is useful in evaluating the company’s ability to generate cash to internally fund exploration and development activities, fund dividend programs, and service debt, as well as to compare our results from period to period. We believe these measures are also used by research analysts and investors to value and compare oil and gas exploration and production companies and are frequently included in published research reports when providing investment recommendations. Cash flows from operations before changes in operating assets and liabilities and free cash flow are additional measures of liquidity but are not measures of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities. Additionally, this presentation of free cash flow may not be comparable to similar measures presented by other companies in our industry.
(In millions) Reconciliation of Net cash provided by operating activities to Adjusted EBITDAX Management believes EBITDAX, or earnings before income tax expense, interest expense, depreciation, amortization and exploration expense is a widely accepted financial indicator, and useful for investors, to assess a company’s ability to incur and service debt, fund capital expenditures, and make distributions to shareholders. We define adjusted EBITDAX, a non-GAAP financial measure, as EBITDAX adjusted for certain items presented in the accompanying reconciliation. Management uses adjusted EBITDAX to evaluate our ability to fund our capital expenditures, debt services and other operational requirements and to compare our results from period to period by eliminating the impact of certain items that management does not consider to be representative of the Company’s on-going operations. Management also believes adjusted EBITDAX facilitates investors and analysts in evaluating and comparing EBITDAX from period to period by eliminating differences caused by the existence and timing of certain operating expenses that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted EBITDAX may not be comparable to similar measures of other companies in our industry.
Net debt, or outstanding debt obligations less cash and cash equivalents, is a non-GAAP financial measure. Management uses net debt as a measure of the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand.
(In millions, except per share data) Reconciliation of Income attributable to common stock to Adjusted earnings Our presentation of adjusted earnings and adjusted earnings per share are non- GAAP measures because they exclude the effect of certain items included in Income Attributable to Common Stock. Management believes that adjusted earnings and adjusted earnings per share provides relevant and useful information, which is widely used by analysts, investors and competitors in our industry as well as by our management in assessing the Company’s operational trends and comparability of results to our peers.
Management uses adjusted earnings and adjusted earnings per share to evaluate our operating and financial performance because it eliminates the impact of certain items that management does not consider to be representative of the Company’s on-going business operations. As a performance measure, adjusted earnings may be useful to investors in facilitating comparisons to others in the Company’s industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, capital structure and asset sales and other divestitures, among other factors. Management believes excluding these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted earnings and adjusted earnings per share may not be comparable to similar measures of other companies in our industry.
*The income tax effect of the reconciling items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides. Page 9
Full text with the tables
Exhibit 99.1
NEWS RELEASE
APA Corporation announces third-quarter 2026
financial and operational results
Third-quarter 2026 highlights
• Reported production of approximately 450,000 barrels of oil equivalent (BOE)
per day; adjusted production, which excludes Egypt noncontrolling interest and
tax barrels, was 381,000 BOE per day and exceeded guidance;
• Delivered U.S. oil production of 128,000 barrels of oil per day, 4,000 barrels
above guidance through high uptime, earlier turn-in-lines and robust new well
performance;
• Generated $1.38 billion of net cash provided by operating activities, $699
million of free cash flow, and $1.86 billion of adjusted EBITDAX;
• Returned $537 million to shareholders including $450 million of share
repurchases;
• Repaid $451 million of debt maturities in the third quarter; total debt has
declined by $2.8 billion since year-end 2024, lowering annualized interest
expense by more than $180 million;
• Reiterated $500 million run-rate cost savings across capital, lease operating
expense and G&A by year-end 2026;
• Increased full-year 2026 free cash flow outlook to approximately $2.9 billion,
reflecting stronger operating performance and higher commodity prices;
• Lowered net debt target to $2 billion, reinforcing commitment to a strong
balance sheet; and
• Established preliminary capital budget of $2.5 billion for 2027; exploration
capital and GranMorgu development to account for approximately 60% of the year-
over-year increase.
HOUSTON, Nov. 4, 2026 – APA Corporation (Nasdaq: APA) today announced its
financial and operational results for the third quarter of 2026. APA reported
net income attributable to common stock of $698 million, or $2.00 per diluted
share. When adjusted for certain items that impact the comparability of results,
APA’s third-quarter earnings totaled $676 million, or $1.94 per diluted share.
1
APA CORPORATION ANNOUNCES THIRD-QUARTER 2026
FINANCIAL AND OPERATIONAL RESULTS
— PAGE 2 of 6
Third-quarter summary
Third-quarter reported production was 450,000 BOE per day, and adjusted
production was 381,000 BOE per day, both exceeding guidance. U.S. oil production
averaged 128,000 barrels per day, 4,000 barrels per day above guidance,
reflecting high uptime, earlier turn-in-lines and robust new well performance in
the Permian Basin.
In Egypt, gross production averaged 206,000 BOE per day, relatively flat with
the second quarter. Gross gas production increased to 542 million cubic feet
(MMCF) per day, exceeding guidance through strong well performance and more
resilient base production. Average gas realizations increased to $4.34 per Mcf
from $4.23 in the second quarter. Adjusted production averaged 64,000 BOE per
day, slightly lower than guidance primarily due to production sharing contract
impacts associated with higher Brent prices.
Net cash provided by operating activities was $1.38 billion, and adjusted
EBITDAX was $1.86 billion. Upstream capital investment was $466 million,
approximately $30 million below guidance, primarily reflecting timing impacts of
GranMorgu capital spending that shifted into the fourth quarter; lease operating
expense was $418 million. Free cash flow totaled $699 million, bringing year-to-
date free cash flow to $1.91 billion.
Balance sheet and shareholder returns
APA has repaid $1.2 billion of debt maturities year-to-date, including $451
million in the third quarter. The company has reduced total debt by $2.8 billion
since year-end 2024, lowering annualized interest expense by more than $180
million; these savings are incremental to the company’s controllable spend
reduction program. Net debt was $3.2 billion at the end of the third quarter.
APA returned $537 million to shareholders through dividends and share
repurchases during the third quarter. Through October, the company repurchased
an additional 4.5 million shares at an average price of $47.32 per share,
bringing total year-to-date repurchases to 17.8 million shares. Consistent with
its established capital returns framework, APA expects to return at least 60% of
2026 free cash flow to shareholders while continuing to strengthen its balance
sheet.
At current strip prices APA expects to reach its $3 billion net debt target by
year-end. Building on this progress, the company has updated its net debt target
to $2 billion. Continued debt reduction will lower financing costs and enhance
financial flexibility.
CEO commentary
“We are delivering another strong year, with our third-quarter results
reflecting the quality of our assets and consistent execution across the
business,” said John J. Christmann IV, APA’s CEO. “Our teams are raising the
standard for performance, operating more efficiently, and translating those
gains into substantial cash flow. This quarter alone, we generated nearly $700
million in free cash flow, returned more than $500 million to shareholders and
reduced total debt by more than $450 million.”
APA CORPORATION ANNOUNCES THIRD-QUARTER 2026
FINANCIAL AND OPERATIONAL RESULTS
— PAGE 3 of 6
Fourth quarter and full-year outlook
Continued drilling and completion efficiency gains in the Permian are improving
capital productivity and supporting an increase in full-year U.S. oil production
to 124,000 barrels per day, above the company’s initial guidance of 120,000 to
122,000 barrels per day. Faster drilling cycle times are also enabling APA to
accelerate completion activity into the fourth quarter, increasing 2026 Permian
capital investment by $30 million and supporting a smoother production profile
entering 2027. Fourth-quarter U.S. oil production is expected to moderate with
the timing of turn-in-lines during the year and seasonal weather impacts.
In Egypt, gross BOE production is expected to increase slightly for the fourth
quarter and full year.
Fourth-quarter upstream capital investment is expected to be approximately $525
million reflecting timing shifts in Suriname and increased Permian activity.
Full-year abandonment and decommissioning expenditures are now expected to total
$285 million, a $15 million reduction from prior guidance. Lease operating
expense guidance has been increased $25 million to $1,525 million to reflect
higher stock-based compensation expense allocated to LOE.
At current strip prices, APA expects to generate approximately $2.9 billion of
free cash flow in 2026, an increase of $600 million from its August update. The
stronger free cash flow outlook supports substantial fourth-quarter share
repurchases alongside continued debt reduction.
Preliminary 2027 outlook
APA’s preliminary budget for 2027 upstream capital investment is $2.5 billion.
Exploration and GranMorgu development represent approximately 60% of the $400
million year-over-year increase, with the balance reflecting increased Permian
activity and expected service cost inflation. This investment program is
expected to result in similar U.S. and Egypt production year-over-year.
CEO closing commentary
“We will enter 2027 well positioned, with a strong core business and significant
opportunities ahead. Our Permian and Egypt assets provide a reliable production
and cash flow base, while GranMorgu continues to progress toward first oil in
mid-2028. Our diversified portfolio, strengthened balance sheet, and the capital
carry in Suriname provide APA with a distinct financial advantage. We have the
capacity to advance high-impact exploration opportunities, further reduce debt,
and deliver substantial shareholder returns,” Christmann concluded.
APA CORPORATION ANNOUNCES THIRD-QUARTER 2026
FINANCIAL AND OPERATIONAL RESULTS
— PAGE 4 of 6
Conference call
APA will host a conference call to discuss its third-quarter 2026 results at 10
a.m. Central time, Thursday, Nov. 5. The conference call will be webcast from
APA’s website at www.apacorp.com and investor.apacorp.com . Following the
conference call, a replay will be available for one year on the “Investors” page
of the company’s website.
About APA
APA Corporation owns consolidated subsidiaries that explore for and produce oil
and natural gas in the United States, Egypt and the United Kingdom and that
explore for oil and natural gas offshore Suriname and elsewhere. APA posts
announcements, operational updates, investor information and press releases on
its website, www.apacorp.com .
Additional information
Additional information follows, including reconciliations of adjusted earnings,
adjusted EBITDAX, upstream capital investment, net debt, cash flows from
operations before changes in operating assets and liabilities, and free cash
flow (non-GAAP financial measures) to GAAP measures and information regarding
adjusted production. APA’s quarterly supplement is available at
www.apacorp.com/financialdata .
Non-GAAP financial measures
APA’s financial information includes information prepared in conformity with
generally accepted accounting principles (GAAP) as well as non-GAAP financial
information. It is management’s intent to provide non-GAAP financial information
to enhance understanding of our consolidated financial information as prepared
in accordance with GAAP. Adjusted earnings, adjusted EBITDAX, upstream capital
investment , net debt, cash flows from operations before changes in operating
assets and liabilities and free cash flow are non-GAAP measures. This non-GAAP
information should be considered by the reader in addition to, but not instead
of, the financial statements prepared in accordance with GAAP. Each non-GAAP
financial measure is presented along with the corresponding GAAP measure so as
not to imply that more emphasis should be placed on the non-GAAP measure.
APA CORPORATION ANNOUNCES THIRD-QUARTER 2026
FINANCIAL AND OPERATIONAL RESULTS
— PAGE 5 of 6
Forward-looking statements
This news release contains “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements can be
identified by words such as “anticipates,” “believes,” “continues,” “could,”
“estimates,” “expects,” “goals,” “guidance,” “intends,” “may,” “might,”
“outlook,” “plans,” “possible,” “potential,” “predict,” “projects,” “prospects,”
“seeks,” “should,” “target,” “upside,” “will,” “would,” and similar references
to future periods, but the absence of these words does not mean that a statement
is not forward-looking. These statements include, but are not limited to,
statements about future plans, expectations, beliefs, and objectives, including
statements about our capital plans and budget, drilling and development plans
(including activities in Alaska, Uruguay, and Suriname), production
expectations, asset acquisitions (including the pending Savant acquisition and
the expected closing thereof and benefits therefrom), debt reduction targets,
capital returns (including the target to return at least 60% of free cash flow
to shareholders), and tax, interest, and other cost savings. While forward-
looking statements are based on assumptions and analyses made by us that we
believe to be reasonable under the circumstances, whether actual results and
developments will meet our expectations and predictions depend on a number of
risks and uncertainties which could cause our actual results, performance, and
financial condition to differ materially from our expectations. See “Risk
Factors” in APA’s Form 10-K for the year ended Dec. 31, 2025, and in our
quarterly reports on Form 10-Q for a discussion of risk factors that affect our
business. Any forward-looking statement made in this news release speaks only as
of the date on which it is made. Factors or events that could cause our actual
results to differ may emerge from time to time, and it is not possible for us to
predict all of them. APA and its subsidiaries undertake no obligation to
publicly update any forward-looking statement, whether as a result of new
information, future development or otherwise, except as may be required by law.
APA CORPORATION ANNOUNCES THIRD-QUARTER 2026
FINANCIAL AND OPERATIONAL RESULTS
— PAGE 6 of 6
Cautionary note to investors
The United States Securities and Exchange Commission permits oil and gas
companies, in their filings with the SEC, to disclose only proved, probable, and
possible reserves that meet the SEC’s definitions for such terms. APA may use
certain terms in this news release, such as “resources,” “potential resources,”
“resource potential,” “estimated net reserves,” “recoverable reserves,” and
other similar terms that the SEC guidelines strictly prohibit APA from including
in filings with the SEC. Such terms do not take into account the certainty of
resource recovery, which is contingent on exploration success, technical
improvements in drilling access, commerciality, and other factors, and are
therefore not indicative of expected future resource recovery and should not be
relied upon. Investors are urged to consider carefully the disclosure in APA’s
Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025, available
from APA at www.apacorp.com or by writing APA at: 2000 W Sam Houston Pkwy S,
Suite 200, Houston, TX 77042 (Attn: Corporate Secretary). You can also obtain
this report from the SEC by calling 1-800-SEC-0330 or from the SEC’s website at
www.sec.gov .
Contacts
Investor: (281) 302-2286 | ir@apachecorp.com
Media: (713) 296-7276 | media@apachecorp.com
Website: www.apacorp.com
APA-F
APA CORPORATION
STATEMENT OF CONSOLIDATED OPERATIONS
(Unaudited)
(In millions, except per share data)
For
For the
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End… End…
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B… 348 357 352 361
D… 350 358 353 361
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Page 1
APA CORPORATION
PRODUCTION INFORMATION
For
For the
the % Ni…
Qu… Ch… Mo…
En… 3Q… 3Q… En…
Se… Ju… Se… to to Se… Se…
30, 30, 30, 2Q… 3Q… 30, 30,
──────────────────────────────────────────────────────────────────────────────
20… 20… 20… 20… 20…
O…
V…
-
B…
p…
d…
U… 12… 12… 12… 4% 6% 12… 12…
S…
E… 74… 70… 89… 6% (1… 77… 87…
N… 17… 17… 23… 1% (2… 18… 24…
S…
T… 22… 21… 23… 5% (6… 22… 23…
N…
G…
V…
-
M…
p…
d…
U… 52… 40… 52… 29% —% 44… 53…
S…
E… 35… 32… 37… 8% (6… 35… 34…
2)
N… 22… 21… 34… 7% (3… 24… 31…
S…
T… 89… 75… 93… 19% (4… 82… 91…
N…
V…
-
B…
p…
d…
U… 78… 72… 72… 9% 9% 74… 76…
S…
N… 767 848 1,… (1… (4… 921 1,…
S…
T… 79… 73… 74… 9% 7% 75… 77…
B…
p…
d…
U… 29… 26… 28… 12% 5% 27… 28…
S…
E… 13… 12… 15… 7% (1… 13… 14…
2)
N… 22… 22… 30… 1% (2… 23… 31…
S…
T… 45… 40… 46… 10% (3… 43… 46…
T…
e… 40… 36… 41… 10% (2… 38… 41…
n…
i…
(1) Includes net production volumes attributed to our noncontrolling partner in
Egypt below:
Oil (b/d) 24,905 23,386 29,860 25,723 29,127
Gas (Mcf/d) 117,856 109,125 124,867 118,018 115,405
BOE per day 44,548 41,574 50,671 45,393 48,361
(2) Egypt Gross Production:
Oil (b/d) 116,093 117,056 124,944 118,187 125,595
Gas (Mcf/d) 541,812 538,925 508,346 532,876 481,700
BOE per day 206,395 206,877 209,668 207,000 205,878
Page 2
APA CORPORATION
ADJUSTED PRODUCTION INFORMATION
Adjusted production excludes certain items that management believes affect the
comparability of operating results for the periods presented. Adjusted
production excludes production attributable to 1) noncontrolling interest in
Egypt and 2) Egypt tax barrels. Management uses adjusted production to evaluate
the company’s operational trends and performance and believes it is useful to
investors and other third parties.
For
For the
the % Ni…
Qu… Ch… Mo…
En… 3Q… 3Q… En…
Se… Ju… Se… to to Se… Se…
30, 30, 30, 2Q… 3Q… 30, 30,
──────────────────────────────────────────────────────────────────────────────
20… 20… 20… 20… 20…
O…
V…
-
B…
p…
d…
U… 12… 12… 12… 4% 6% 12… 12…
S…
E… 35… 34… 44… 4% (1… 37… 43…
N… 17… 17… 23… 1% (2… 18… 24…
S…
T… 18… 17… 18… 4% (4… 18… 19…
N…
G…
V…
-
M…
p…
d…
U… 52… 40… 52… 29% —% 44… 53…
S…
E… 16… 16… 18… 4% (9… 17… 17…
N… 22… 21… 34… 7% (3… 24… 31…
S…
T… 71… 58… 74… 22% (4… 64… 74…
N…
V…
-
B…
p…
d…
U… 78… 72… 72… 9% 9% 74… 76…
S…
N… 767 848 1,… (1… (4… 921 1,…
S…
T… 79… 73… 74… 9% 7% 75… 77…
B…
p…
d…
U… 29… 26… 28… 12% 5% 27… 28…
S…
E… 63… 61… 75… 4% (1… 65… 72…
N… 22… 22… 30… 1% (2… 23… 31…
S…
T… 38… 34… 38… 10% (2… 36… 39…
Page 3
APA CORPORATION
PRICE INFORMATION
For
For the
the Ni…
Qu… Mo…
En… En…
──────────────────────────────────────────────────────────────────────────────
Se… Ju… Se… Se… Se…
30, 30, 30, 30, 30,
20… 20… 20… 20… 20…
A…
O…
P…
P…
B…
U… $ 87… $ 98.… $ 66.… $ 86.… $ 67.…
S…
E… 99… 95.… 68.… 93.… 69.…
N… 92… 110… 69.… 93.… 70.…
S…
T… 92… 98.… 67.… 89.… 68.…
A…
N…
G…
P…
P…
M…
U… $ 1.… $ -2.… $ 0.71 $ -0.… $ 1.27
S…
E… 4.… 4.23 3.75 4.19 3.49
N… 21… 15.… 11.… 16.… 12.…
S…
T… 2.… 0.60 2.25 1.94 2.45
A…
N…
P…
P…
B…
U… $ 26… $ 24.… $ 20.… $ 23.… $ 22.…
S…
N… 15… 67.… 40.… 56.… 44.…
S…
T… 26… 25.… 20.… 24.… 23.…
Page 4
APA CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In millions)
SUMMARY
EXPLORATION For the
EXPENSE Quarter For the Nine
INFORMATION Ended Months Ended
──────────────────────────────────────────────────────────────────────────────
September September
30, 30,
2026 2025 2026 2025
Unproved
leasehold $ 1 $ — $ 3 $ —
impairments
Dry hole 22 4 76 47
expense
Geological
and 3 3 7 7
geophysical
expense
Exploration
overhead 25 15 49 41
and other
$ 51 $ 22 $ 135 $ 95
SUMM…
STOC…
AND For
CASH… For the
EQUI… the Nine
COMP… Quart… Months
INFO… Ended Ended
──────────────────────────────────────────────────────────────────────────────
Septe… June Septe… Septe…
30, 30, 30, 30,
2026 2026 2025 2026 2025
Stoc…
and
cash…
comp…
expe…
Lease
oper… $ 17 $ 4 $ 11 $ 35 $ 21
expe…
Expl… 12 1 3 22 6
Gene…
and 56 9 37 112 62
admi…
Total
stoc…
and 85 14 51 169 89
cash…
comp…
expe…
Stoc…
and
cash… 14 3 6 29 12
comp…
capi…
Stoc…
and
cash…
comp…
asso… 2 — — 4 —
with
aban…
and
deco…
Total
stoc…
and $ 101 $ 17 $ 57 $ 202 $ 101
cash…
comp…
costs
Page 5
APA CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In millions)
SUMMA… For the
CASH For the Nine
FLOW Quarter Months
INFOR… Ended Ended
──────────────────────────────────────────────────────────────────────────────
Septem… Septemb…
30, 30,
2026 2025 2026 2025
Net
cash
provi… $ 1,376 $ 1,460 $ 3,636 $ 3,737
by
opera…
activ…
Addit…
to
upstr…
oil -644 -719 -1,755 -2,156
and
gas
prope…
Lease…
and -9 — -15 -20
prope…
acqui…
Proce…
from — 19 — 590
asset
dives…
Other, -16 — -32 5
net
Net
cash
used $ -669 $ -700 $ -1,802 $ -1,581
in
inves…
activ…
Payme…
on
comme…
paper
and — — — -333
revol…
credit
facil…
net
Payme…
on
term — — — -900
loan
facil…
Fixed…
debt — — — 846
borro…
Payme…
on -446 -62 -1,200 -1,016
fixed…
debt
Distr…
to -93 -173 -257 -390
nonco…
inter…
Treas…
stock -450 -65 -550 -215
activ…
net
Divid…
paid
to APA -87 -90 -264 -271
common
stock…
Other, — -2 -4 -27
net
Net
cash
used $ -1,076 $ -392 $ -2,275 $ -2,306
in
finan…
activ…
SUMMARY BALANCE SHEET
INFORMATION 2026 September 30, 2025 December 31,
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 75 $ 516
equivalents
Other current assets 2,204 1,605
Property and 12,890 12,748
equipment, net
Deferred tax asset 2,059 2,328
Deferred charges and 655 564
other
Total assets $ 17,883 $ 17,761
Current debt $ 3 $ 213
Current liabilities 2,693 2,358
Long-term debt 3,292 4,280
Asset retirement 2,711 2,699
obligation, long-term
Decommissioning
contingency for sold 592 782
Gulf of America
properties
Deferred credits and
other noncurrent 480 426
liabilities
APA shareholders’ 7,186 6,093
equity
Noncontrolling 926 910
interest
Total Liabilities and $ 17,883 $ 17,761
equity
Common shares
outstanding at end of 340 353
period
Page 6
APA CORPORATION
NON-GAAP FINANCIAL MEASURES
(In millions)
Reconciliation of Costs incurred to Upstream capital investment
Management believes the presentation of upstream capital investments is useful
for investors to assess APA’s expenditures related to our upstream capital
activity. We define capital investments as costs incurred for oil and gas
activities, adjusted to exclude property and leasehold acquisitions, asset
retirement additions and revisions, capitalized interest, and certain
exploration expenses. Upstream capital expenditures attributable to a one-third
noncontrolling interest in Egypt are also excluded. Management believes this
provides a more accurate reflection of APA’s cash expenditures related to
upstream capital activity and is consistent with how we plan our capital budget.
For
For the
the Nine
Quar… Mont…
Ended Ended
──────────────────────────────────────────────────────────────────────────────
Sept… Sept…
30, 30,
2026 2025 2026 2025
Cos…
inc…
in
oil
and
gas
pro…
Ass…
and $ 10 $ 9 $ 17 $ 26
lea…
acq…
Exp…
and 580 648 1,872 2,177
dev…
Tot…
Cos…
inc…
in $ 590 $ 657 $ 1,889 $ 2,203
oil
and
gas
pro…
Rec…
of
Cos…
inc…
to
Ups…
cap…
inv…
Tot…
Cos…
inc…
in $ 590 $ 657 $ 1,889 $ 2,203
oil
and
gas
pro…
Ass…
and -10 -9 -17 -26
lea…
acq…
Ass…
ret…
obl…
inc…
- -5 -10 -14 -18
oil
and
gas
pro…
Cap… -16 -12 -46 -32
int…
Exp…
sei…
and -28 -18 -56 -48
adm…
cos…
Ups…
cap…
inv…
inc… $ 531 $ 608 $ 1,756 $ 2,079
non…
int…
-
Egy…
Less
non…
int… -65 -66 -180 -179
-
Egy…
Tot…
Ups… $ 466 $ 542 $ 1,576 $ 1,900
cap…
inv…
Reconciliation of Net cash provided by operating activities to Cash flows from
operations before changes in operating assets and liabilities and Free cash flow
Cash flows from operations before changes in operating assets and liabilities
and free cash flow are non-GAAP financial measures. APA uses these measures
internally and provides this information because management believes it is
useful in evaluating the company’s ability to generate cash to internally fund
exploration and development activities, fund dividend programs, and service
debt, as well as to compare our results from period to period. We believe these
measures are also used by research analysts and investors to value and compare
oil and gas exploration and production companies and are frequently included in
published research reports when providing investment recommendations. Cash flows
from operations before changes in operating assets and liabilities and free cash
flow are additional measures of liquidity but are not measures of financial
performance under GAAP and should not be considered as an alternative to cash
flows from operating, investing, or financing activities. Additionally, this
presentation of free cash flow may not be comparable to similar measures
presented by other companies in our industry.
For
For the
the Nine
Quar… Mont…
Ended Ended
──────────────────────────────────────────────────────────────────────────────
Sept… Septe…
30, 30,
2026 2025 2026 2025
Net
cash
prov… $ 1,376 $ 1,460 $ 3,636 $ 3,737
by
oper…
acti…
Chan…
in
oper… 78 -271 517 -516
asse…
and
liab…
Cash
flows
from
oper…
befo…
chan… $ 1,454 $ 1,189 $ 4,153 $ 3,221
in
oper…
asse…
and
liab…
Adju…
to
free
cash
flow:
Upst…
capi…
inve…
incl… -531 -608 -1,7… -2,079
nonc…
inte…
-
Egypt
Aban…
and -112 -54 -192 -122
deco…
spend
Leas…
acqu… -19 -15 -34 -31
and
other
Dist…
to
Sino… -93 -173 -257 -390
nonc…
inte…
Free
cash $ 699 $ 339 $ 1,914 $ 599
flow
Page 7
APA CORPORATION
NON-GAAP FINANCIAL MEASURES
(In millions)
Reconciliation of Net cash provided by operating activities to Adjusted EBITDAX
Management believes EBITDAX, or earnings before income tax expense, interest
expense, depreciation, amortization and exploration expense is a widely accepted
financial indicator, and useful for investors, to assess a company’s ability to
incur and service debt, fund capital expenditures, and make distributions to
shareholders. We define adjusted EBITDAX, a non-GAAP financial measure, as
EBITDAX adjusted for certain items presented in the accompanying reconciliation.
Management uses adjusted EBITDAX to evaluate our ability to fund our capital
expenditures, debt services and other operational requirements and to compare
our results from period to period by eliminating the impact of certain items
that management does not consider to be representative of the Company’s on-going
operations. Management also believes adjusted EBITDAX facilitates investors and
analysts in evaluating and comparing EBITDAX from period to period by
eliminating differences caused by the existence and timing of certain operating
expenses that would not otherwise be apparent on a GAAP basis. However, our
presentation of adjusted EBITDAX may not be comparable to similar measures of
other companies in our industry.
For
For the
the Nine
Qua… Mon…
End… End…
──────────────────────────────────────────────────────────────────────────────
Sep… June Sep… Sep…
30, 30, 30, 30,
2026 2026 2025 2026 2025
Net
ca…
pr… $ 1,3… $ 1,706 $ 1,460 $ 3,636 $ 3,7…
by
op…
ac…
Ad…
Ex…
se…
and 28 14 18 56 48
ad…
co…
Cu…
in… 338 234 100 874 638
tax
pr…
Ot…
ad…
to
re…
net
in…
to -2 15 -28 4 -46
net
ca…
pr…
by
op…
ac…
Ch…
in
op… 78 -198 -271 517 -516
as…
and
li…
Fi…
co…
net
(e…
ga… 38 54 48 149 202
on
ex…
of
de…
Tr…
re…
& 1 12 18 20 66
se…
co…
Ad…
EB… $ 1,8… $ 1,837 $ 1,345 $ 5,256 $ 4,1…
(N…
Reconciliation of debt to net debt
Net debt, or outstanding debt obligations less cash and cash equivalents, is a
non-GAAP financial measure. Management uses net debt as a measure of the
Company’s outstanding debt obligations that would not be readily satisfied by
its cash and cash equivalents on hand.
Septemb… June March Decemb…
2026 30, 2026 30, 2026 31, 2025 31,
──────────────────────────────────────────────────────────────────────────────
Curre… $ 3 $ 2 $ 134 $ 213
debt
Long-… 3,292 3,741 4,280 4,280
debt
Total 3,295 3,743 4,414 4,493
debt
Cash
and 75 444 293 516
cash
equiv…
Net $ 3,220 $ 3,299 $ 4,121 $ 3,977
Debt
Page 8
APA CORPORATION
STATEMENT OF CONSOLIDATED OPERATIONS
(In millions, except per share data)
Reconciliation of Income attributable to common stock to Adjusted earnings
Our presentation of adjusted earnings and adjusted earnings per share are non-
GAAP measures because they exclude the effect of certain items included in
Income Attributable to Common Stock. Management believes that adjusted earnings
and adjusted earnings per share provides relevant and useful information, which
is widely used by analysts, investors and competitors in our industry as well as
by our management in assessing the Company’s operational trends and
comparability of results to our peers.
Management uses adjusted earnings and adjusted earnings per share to evaluate
our operating and financial performance because it eliminates the impact of
certain items that management does not consider to be representative of the
Company’s on-going business operations. As a performance measure, adjusted
earnings may be useful to investors in facilitating comparisons to others in the
Company’s industry because certain items can vary substantially in the oil and
gas industry from company to company depending upon accounting methods, book
value of assets, capital structure and asset sales and other divestitures, among
other factors. Management believes excluding these items facilitates investors
and analysts in evaluating and comparing the underlying operating and financial
performance of our business from period to period by eliminating differences
caused by the existence and timing of certain expense and income items that
would not otherwise be apparent on a GAAP basis. However, our presentation of
adjusted earnings and adjusted earnings per share may not be comparable to
similar measures of other companies in our industry.
… …
… … … S…
… … … 3…
… … … 2…
──────────────────────────────────────────────────────────────────────────────
… … … … … … … …
… … … … … … … …
$ … $ … $ … $ 2… $ 5… $ -… $ 2… $ 0…
… … … 0… 1… -… 73 0…
… … … 2… 3… -… 2… 0…
1 — 1 — — — — —
— 2 2 0… — 3 3 0…
… — … -… -2 — -2 -…
… 5 … -… 1… -… 1… 0…
1 … — — 18 -3 15 0…
… 2 … -… -5 1 -4 -…
$ … $ … $ 6… $ 1… $ 5… $ -… $ 3… $ 0…
… …
… …
… …
… …
… …
… …
… …
… …
… … … … … … … …
… … … … … … … …
$ … $ … $ … $ 6… $ 2… $ -… $ 1… $ 3…
… … … 0… 3… -… 2… 0…
… … … 5… 1… -… 1… 3…
3 — 3 0… — — — —
1 … … — — — — —
— 2 2 0… — 1… 1… 0…
1 — 1 — -… 32 -… -…
… … … -… 40 -9 31 0…
… … … 0… 66 -… 50 0…
… 1 … -… -… 63 -… -…
$ … $ … $ … $ 5… $ 1… $ -… $ 1… $ 2…
*The income tax effect of the reconciling items are calculated based on the
statutory rate of the jurisdiction in which the discrete item resides.
Page 9