APA (APA) FY2025 results: revenue $9.2 billion, down 5.3% on the year

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

Written from the 10-K filed 26 February 2026: read the full 10-K.