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Stocks / United States / APA · Crude Petroleum & Natural Gas · Nasdaq

APA Corp. (APA)

APA Corporation is a holding company whose subsidiaries explore for, develop and produce crude oil, natural gas and NGLs. Producing operations sit in three places: the United States, Egypt, and offshore the U.K. in the North Sea. Development work is under way offshore Suriname, with exploration interests in Uruguay and Alaska. Of the 169.5 MMboe produced in 2025, the United States accounted for 62 percent, Egypt 31 percent and the North Sea 7 percent. Year-end 2025 estimated proved reserves were 1,056 MMboe, and the company employed about 1,791 full-time equivalent people.

APA Corp.

APA Corporation is a holding company whose subsidiaries explore for, develop and produce crude oil, natural gas and NGLs. Producing operations sit in three places: the United States, Egypt, and offshore the U.K. in the North Sea. Development work is under way offshore Suriname, with exploration interests in Uruguay and Alaska. Of the 169.5 MMboe produced in 2025, the United States accounted for 62 percent, Egypt 31 percent and the North Sea 7 percent. Year-end 2025 estimated proved reserves were 1,056 MMboe, and the company employed about 1,791 full-time equivalent people.

The United States

Production comes mostly from the Permian Basin of West Texas, across the Midland and Delaware sub-basins, where the shale plays being developed include the Spraberry, Bone Spring, Wolfcamp, Barnett and Woodford. APA holds about 2.6 million gross acres in the country, operates roughly 4,000 gross oil and gas wells and has interests in about 700 more it does not operate. It drilled 106 gross development wells in the Midland Basin and 84 in the Delaware Basin during 2025, both at a reported 100 percent success rate. Legacy properties add about 1.7 million gross acres, including about 513,000 offshore in the Gulf of America. The Permian position was enlarged on 1 April 2024 by the all-stock acquisition of Callon Petroleum, valued at about $4.5 billion including Callon's debt, and non-core properties in the Permian, the East Texas Austin Chalk and the Eagle Ford were sold over 2024 and 2025, taking the company out of New Mexico.

Egypt

The filing describes APA as the largest acreage holder in Egypt's Western Desert, with 7.5 million gross acres across six concessions at the end of 2025 and about 76 percent of that acreage undeveloped. Most of it sits under one merged concession agreement ratified in 2021 with the Government of Egypt and EGPC, which pooled 98 percent of gross acreage and 90 percent of gross production and set a fixed 40 percent cost recovery limit and a 30 percent profit-sharing rate. The work runs under production-sharing contracts in which an APA subsidiary bears the cost and risk and takes in return physical volumes representing recovery of those costs plus a stipulated share of production. EGPC pays the contractor's income taxes out of its own production entitlement. The contracting subsidiary is held by a joint venture owned two-thirds by APA and one-third by Sinopec. In 2025 APA drilled 45 gross development and 53 gross exploration wells there, and was awarded a further two million net exploration acres.

The North Sea, on the way out

APA holds interests in about 176,000 gross acres in the U.K. North Sea. It entered in 2003 with an approximate 97 percent working interest in the Forties field and added operated interests in the Beryl, Ness, Nevis, Skene and Buckland fields by acquiring Mobil North Sea Limited in 2011. New drilling was suspended in 2023. The company states that expected returns did not support the investment required under new regulatory obligations, tax levies and the modernisation of ageing infrastructure, and that it expects to cease production at these facilities before 2030. Spending there is now directed at asset safety and integrity.

Suriname and the frontier acreage

Block 58 offshore Suriname is a joint venture with TotalEnergies, which operates the block, holds the other 50 percent working interest in exploration and carries most of the development cost, paying 87.5 percent of the first $10 billion of gross capital spending on a scale that steps down above that. APA is also due a $75 million cash payment at first oil production. In October 2024 it announced a positive final investment decision on GranMorgu, the block's first oil development, which produces the Krabdagu and Sapakara discoveries through subsea wells tied back to a floating production, storage and offloading unit 150 km off the Suriname coast, with oil production capacity of 220,000 b/d. Total investment is put at $10.5 billion, first oil is set for 2028, and Staatsolie has exercised its right to a 20 percent share. APA also operates Block 53 offshore Suriname, holds production-sharing contracts for Blocks 6 and 4 offshore Uruguay, and holds about 325,000 gross acres of undeveloped acreage on the North Slope of Alaska, where a 2025 exploratory well averaged 2,700 b/d during its final flow period.

From APA's annual report on Form 10-K for the year ended 31 December 2025. The filing

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APA Corp. (APA) reported revenue of $2.4 billion for Q2 FY2026, the quarter ended 30 June 2026, down 8.2% on the same quarter a year earlier. Net income was $747 million, up 23.9% on the year, and diluted earnings per share $2.11. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue$2.4 billiondown 8.2%
Net income$747 millionup 23.9%
Diluted EPS$2.11
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE23.9%
ROCE35.5%
Operating margin44.4%
Net margin19.5%
FCF marginn/a
Interest cover13.40
Debt to equity0.53
Cash conversion2.70
Share count, 1 year-2.1%
Sales CAGR, 3 years-8.7%
Profit CAGR, 3 years-26.9%
EPS, TTM$4.73

At the close of 28 September 2026

Price$42.33
Market cap$14.8 billion
Stock P/E8.95
Price to book2.11
EV / EBITDA3.02
Dividend yield2.4%
Market cap / sales1.72
52-week high$47.41
52-week low$21.66
Price, 1 year71.4%
Price CAGR, 3 years1.0%
Price CAGR, 5 years14.8%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, SimFin, daily share prices, by SimFin, for splits. Debt to equity here stands on the one borrowings figure APA Corp. files, which has finance leases inside it; operating leases are a separate line. Nothing here is a valuation or a view.

Daily closes from SimFin, daily share prices, by SimFin, for splits; the last is 28 September 2026. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on APA

Filings18 in twelve months: 10 current reports (8-K), about 8 results of operations; 2 officer or director change; 1 shareholder vote; 1 regulation fd disclosure
Planned insider sales2 Form 144 notices in twelve months, $1.2 million; latest 20 May 2026
Options tapeput/call 0.6 by open interest on 29 September 2026; the straddle prices a 4.5% move to 2 October 2026
Holders10 of the followed funds hold it; largest Geode Capital Management; 5 Schedule 13D or 13G filings in twelve months
Insider trading2 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest24.5 million shares short, 4.92 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 8 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025 †Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,3091,8921,9032,7922,5402,5022,6122,6122,0181,9782,2152,399
Operating income1,057971691979-1439158657397677181,0551,280
Operating margin46%51%36%35%-6%37%33%28%38%36%48%53%
Interest expense89.085.085.010810910091.086.072.074.070.069.0
Pre-tax income833540447928-3405007631,0285114898301,277
Net income4591,773132541-223354347603205279446747
Net margin20%94%7%19%-9%14%13%23%10%14%20%31%
Diluted EPS$1.49$5.75$0.44$1.46-$0.60$0.97$0.96$1.67$0.57$0.79$1.26$2.11
Operating cash flow7641,0303688771,3391,0361,0961,1811,4608085541,706
Dividends paid77.076.076.092.092.093.091.090.090.089.088.088.0
Shares outstanding307m304m371m370m370m365m361m358m355m353m353m350m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 7 fiscal years and the trailing twelve months

FY2019FY2020FY2021FY2022FY2023 †FY2024FY2025TTM
Revenue6,5534,3087,92812,1328,1929,7379,2208,610
Operating income-2,152-4,1022,8605,5653,6962,4423,0873,820
Operating margin-32.8%-95.2%36.1%45.9%45.1%25.1%33.5%44.4%
Interest expense430438419332351402323285
Pre-tax income-3,008-4,8401,8915,7342,8831,5352,7913,107
Income tax67464.05781,652-3244171,099n/a
Effective tax raten/an/a30.6%28.8%-11.2%27.2%39.4%n/a
Net income-3,553-4,8609733,6742,8558041,4341,677
Net margin-54.2%-112.8%12.3%30.3%34.9%8.3%15.6%19.5%
Diluted EPS-$9.43-$12.86$2.59$11.02$9.25$2.27$3.99$4.73
Filing10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2019FY2020FY2021FY2022FY2023 †FY2024FY2025TTM
Operating cash flow2,8671,3883,4964,9433,1293,6204,5454,528
Depreciation and amortisation2,6801,7721,3601,2331,5402,2662,3042,188
Share-based compensation13847.017534884.049.0107n/a
Dividends paid37612352.0207308353360355
Dividend per share$0.25$0.10$0.24$0.75$1.00$1.00$1.00n/a
Diluted shares, weighted377m378m375m333m309m353m359m354m
Shares outstanding at period end376m377m347m312m304m365m353m350m
Filing10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2019FY2020FY2021FY2022FY2023 †FY2024FY2025TTM
Total assets18,10712,74613,30313,14715,24419,39017,76117,973
Cash and equivalents24726230224587.0625516444
Receivablesn/a9081,3941,4661,6101,9591,0621,222
Inventoryn/a492473427453425351371
Goodwill87.00.00.00.0n/an/an/an/a
Long-term debtn/a8,772n/an/an/an/an/an/a
Long-term debt including finance leasesn/a8,7707,2955,4515,1865,9914,2803,741
Borrowings, as the company tags themn/a8,0526,3444,9084,8354,8354,511n/a
Operating lease liabilitiesn/an/a152133165255220n/a
Finance lease liabilitiesn/an/a34.032.030.028.025.0n/a
Shareholders' equity4,465-1,639-1,5954232,6555,2806,0937,021
Filing10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a16.4%-8.7%-16.1%
Profit growth, compoundedn/an/a-26.9%55.1%
Return on equity, averagen/a253.7%48.8%23.5%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Petroleum and Natural Gas

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Shell plc SHEL *$274.5 billion16.0810.2%n/a-6.1%0.433.1%
TotalEnergies SE TTE *$199.3 billion15.6311.4%n/a-6.2%n/a4.1%
Petróleo Brasileiro S.A. (Petrobras) PBR *$131.3 billion6.7026.0%29.3%-2.4%0.356.2%
Canadian Natural Resources Limited CNQ *$98.7 billion12.8724.4%n/a8.7%0.373.5%
Eni S.p.A. E *$82.3 billion31.105.4%6.1%-7.5%0.594.2%
EOG Resources Inc. EOG$73.8 billion10.9421.6%32.9%19.1%0.252.8%
Occidental Petroleum Corp. OXY$56.1 billionn/an/an/an/a0.311.7%
Diamondback Energy, Inc. FANG$52.0 billion35.283.9%6.3%21.4%0.332.2%
Devon Energy Corp. DVN$51.4 billion11.107.9%16.7%14.6%0.272.2%
Woodside Energy Group Ltd. WDS *$42.0 billion15.567.6%30.0%-1.5%n/a4.8%
EQT Corp. EQT$31.2 billion11.5710.7%42.5%32.3%0.221.3%
Expand Energy Corp. EXE$19.7 billion7.3514.3%26.9%59.3%0.190.0%
All 24 in Petroleum and Natural Gas
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
ExxonMobil Holdings Corp. XOM$668.3 billion20.8912.6%12.3%9.1%0.122.5%
Chevron Corp. CVX$407.7 billion19.8410.8%14.2%10.2%0.213.3%
Shell plc SHEL *$274.5 billion16.0810.2%n/a-6.1%0.433.1%
TotalEnergies SE TTE *$199.3 billion15.6311.4%n/a-6.2%n/a4.1%
ConocoPhillips COP$151.4 billion16.6514.2%n/a9.6%0.352.5%
Petróleo Brasileiro S.A. (Petrobras) PBR *$131.3 billion6.7026.0%29.3%-2.4%0.356.2%
BP plc BP *$121.3 billionn/a0.1%6.6%-1.1%1.094.2%
Valero Energy Corp/Tx VLO$112.2 billion16.2128.8%7.2%12.6%0.361.2%
Marathon Petroleum Corp. MPC$109.4 billion13.4544.8%9.2%15.0%1.611.0%
Equinor ASA EQNR *$105.5 billion21.7512.5%23.8%2.6%n/a0.3%
Phillips 66 PSX$101.2 billion14.4722.5%n/a14.4%0.601.9%
Canadian Natural Resources Limited CNQ *$98.7 billion12.8724.4%n/a8.7%0.373.5%
Eni S.p.A. E *$82.3 billion31.105.4%6.1%-7.5%0.594.2%
Suncor Energy Inc. SU *$82.1 billion19.8613.1%n/a-4.6%0.222.5%
SLB Limited/Nv SLB$76.4 billion25.1211.9%n/a2.5%0.43n/a
EOG Resources Inc. EOG$73.8 billion10.9421.6%32.9%19.1%0.252.8%
Occidental Petroleum Corp. OXY$56.1 billionn/an/an/an/a0.311.7%
Diamondback Energy, Inc. FANG$52.0 billion35.283.9%6.3%21.4%0.332.2%
Devon Energy Corp. DVN$51.4 billion11.107.9%16.7%14.6%0.272.2%
Woodside Energy Group Ltd. WDS *$42.0 billion15.567.6%30.0%-1.5%n/a4.8%
EQT Corp. EQT$31.2 billion11.5710.7%42.5%32.3%0.221.3%
Halliburton Co. HAL$27.0 billion17.0614.6%11.4%0.6%0.642.1%
Expand Energy Corp. EXE$19.7 billion7.3514.3%26.9%59.3%0.190.0%
APA Corp. APA$14.8 billion8.9523.9%44.4%-16.1%0.532.4%

12 companies share its SEC industry code (Crude Petroleum & Natural Gas); the rest are the names nearest in size in its wider industry, Petroleum and Natural Gas, one of the Fama-French 48 industries, a published grouping of SEC industry codes. By market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20266 August 2026EDGAR
10-Q31 March 20267 May 2026EDGAR
10-K31 December 202526 February 2026EDGAR
10-Q30 September 20256 November 2025EDGAR
10-Q30 June 20257 August 2025EDGAR
10-Q31 March 20258 May 2025EDGAR
10-K31 December 202428 February 2025EDGAR
10-Q30 September 20247 November 2024EDGAR
10-Q30 June 20242 August 2024EDGAR
10-Q31 March 20242 May 2024EDGAR

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