What does APA Corporation do?

APA describes itself in its 10-K for 2025 as an independent energy company that owns subsidiaries that explore for, develop, and produce crude oil, natural gas, and NGLs. It has oil and gas operations in the U.S., Egypt, and offshore the U.K. in the North Sea, development, exploration, and appraisal operations in Suriname, and exploration interests in Uruguay, Alaska, and other international locations.

How much revenue did APA make in 2025?

Total revenues were $8,920 million in 2025, against $9,737 million in 2024, according to its 10-K for 2025. Total revenues were $8,279 million in 2023, $11,075 million in 2022 and $7,985 million in 2021, as filed in those years' 10-Ks.

Why did APA's crude oil revenues fall in 2025?

The 10-K says crude oil revenues for 2025 totaled $5.8 billion, a $1.2 billion decrease from $7.0 billion in 2024. A 14 percent decrease in average realized prices reduced revenues by $996 million, while 3 percent lower average daily production decreased revenues by $161 million. Natural gas revenues rose by $186 million to $770 million: a 20 percent increase in average realized prices increased revenues by $118 million and 10 percent higher average daily production by $68 million.

What were APA's latest quarterly results?

For the quarter ended June 30, 2026, its 10-Q (unaudited) reports total revenues of $2,373 million, against $2,178 million a year earlier, and net income attributable to common stock of $747 million, or $2.11 per diluted share, against $603 million, or $1.67. The 10-Q says the increase in net income in the second quarter and first six months of 2026 was primarily driven by higher oil revenues on stronger crude oil price realizations, improved margins on third-party purchased oil and gas activity and lower operating expenses driven by prior-year cost savings initiatives. The August 5, 2026 release reports adjusted earnings of $669 million, or $1.89 per diluted share, a non-GAAP measure.

What is APA's outlook for 2026?

In its August 5, 2026 release APA raised its full-year 2026 U.S. oil production outlook to 123,000 barrels of oil per day while maintaining U.S. capital at $1.3 billion. It expects total company upstream capital investment of $2.07 billion (a non-GAAP measure that excludes the one-third noncontrolling interest in Egypt), reflecting slightly lower exploration spend due to a shift in timing of Suriname Block 58 exploration activity, lowered lease operating expenses guidance by $25 million to $1.5 billion, reflecting ongoing cost savings, and expects to exit 2026 with approximately $500 million of run-rate savings, up from its prior $450 million target. These are the company's own projections, not reported results.

GranMorgu is the first oil development in Block 58 offshore Suriname, where APA has a joint venture agreement with TotalEnergies to explore and develop the block; APA announced in October 2024 that its subsidiary reached a positive final investment decision for it. It will produce the Krabdagu and Sapakara oil discoveries through a floating production, storage and offloading unit with oil production capacity of 220,000 b/d. The 10-K estimates total investment at $10.5 billion and says first oil is anticipated in 2028. Staatsolie exercised its right to a 20 percent share of the development.

Does APA pay a dividend?

Yes. The 10-K says APA paid a quarterly dividend of $0.25 per share during 2025, has paid cash dividends on its common stock for 61 consecutive years through December 31, 2025, and paid $360 million in dividends to common stockholders in 2025. Its October 7, 2026 release says APA repurchased 10.5 million shares at an average price of $42.78 per share during the third quarter of 2026.

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APA Corporation $APA

Energy · Oil & Gas Exploration & Production · NYSE/NASDAQ

Profile updated Oct 15, 2026

S&P 500 Russell 1000 Texas

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$49.90

+0.14 (+0.27%)

As of Oct 20, 2026, 5:13 PM EDT

Price history

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Today's analyst average Analyst average over timeIndividual analyst targets Analyst history starts Oct 12, 2026, the first target we tracked for APA.

Key facts

52-week range (closes): $21.66 – $48.01 Lowest close Nov 5, 2025, highest Oct 13, 2026; 251 daily closes to Oct 13, 2026 from Dalsna Finance's price archive
Fiscal year ends: December Fiscal 2025 ended Dec 31, 2025, from SEC filings
In the S&P 500 since: Jul 28, 1997 · All S&P 500 changes
Analyst coverage: 1 open price target from 1 firm: UBS Approved targets tracked here; see the analyst section below

APA Corporation (APA) is trading up at $49.90 (+0.27%) on NYSE/NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Energy sector.

Analyst price targets on APA

One firm's current price target on APA Corporation: $52 — 4% above the current $49.9. Each is tracked to its date and scored the same way a member's call is.

UBS $47 → $52 by Oct 2027 Neutral Oct 12, 2026 via Investing.com · UBS's track record

Targets published by research firms, extracted from the news, checked against independent reporting, and linked to their source. Where a firm did not state a horizon the target is tracked as 12 months, the industry convention; the rows where the firm set its own horizon are marked. Reported here as facts about what was published — not recommendations from Dalsna Finance, and no firm listed is affiliated with this site.

APA Corporation revenue & net income history (FY2016–FY2025)

RevenueNet incomeNet margin (right axis, %)

APA Corporation annual financial statements
	FY2016Dec 2016	FY2017Dec 2017	FY2018Dec 2018	FY2019Dec 2019	FY2020Dec 2020	FY2021Dec 2021	FY2022Dec 2022	FY2023Dec 2023	FY2024Dec 2024	FY2025Dec 2025
Income statement
Revenue	$5.35B	$6.42B	$7.76B	$6.55B	$4.31B	—	—	—	—	—
Growth (year over year)	—	+20.0%	+20.9%	−15.6%	−34.3%	—	—	—	—	—
Gross profit	$5.15B	$6.23B	$7.42B	$6.25B	—	—	—	—	—	—
Gross margin	96.3%	97.0%	95.5%	95.3%	—	—	—	—	—	—
Operating income	−$803.0M	$1.19B	$1.84B	−$2.15B	−$4.10B	$2.89B	$5.57B	$3.70B	$2.44B	$3.09B
Operating margin	−15.0%	18.5%	23.6%	−32.8%	−95.2%	—	—	—	—	—
Net income	−$1.41B	$1.30B	$40.0M	−$3.55B	−$4.86B	$1.06B	$3.54B	$2.85B	$804.0M	$1.43B
Net margin	−26.2%	20.3%	0.5%	−54.2%	−112.8%	—	—	—	—	—
EPS (diluted)	−$3.71	$3.41	$0.11	−$9.43	−$12.86	$2.59	$11.02	$9.25	$2.27	$3.99
Balance sheet
Cash and equivalents	$1.38B	$1.67B	$714.0M	$247.0M	$262.0M	$279.0M	$185.0M	$87.0M	$625.0M	$516.0M
Total assets	$22.5B	$21.9B	$21.6B	$18.1B	$12.7B	$14.4B	$13.1B	$15.2B	$19.4B	$17.8B
Total liabilities	$14.8B	$13.1B	$12.8B	$13.6B	$13.4B	$15.1B	$12.9B	$11.6B	$13.0B	$10.8B
Long-term debt	$8.54B	$7.93B	$8.09B	$8.55B	$8.77B	$7.29B	$4.88B	$5.19B	$5.99B	$4.28B
Shareholders' equity	$6.24B	$7.42B	$7.13B	$3.25B	−$1.64B	−$618.0M	$2.26B	$2.65B	$5.28B	$6.09B
Cash flow
Operating cash flow	$2.43B	$2.43B	$3.78B	$2.87B	$1.39B	$3.50B	$4.94B	$3.13B	$3.62B	$4.54B
Dividends paid	$379.0M	$380.0M	$382.0M	$376.0M	$123.0M	$9.00M	$207.0M	$308.0M	$353.0M	$360.0M
Share buybacks	$0	$0	$305.0M	—	—	—	—	—	—	—

Net income

APA Corporation quarterly financial statements
	Q3 FY24Sep 2024	Q4 FY24^†Dec 2024	Q1 FY25Mar 2025	Q2 FY25Jun 2025	Q3 FY25Sep 2025	Q4 FY25^†Dec 2025	Q1 FY26Mar 2026	Q2 FY26Jun 2026
Income statement
Operating income	−$143.0M	$917.0M	$865.0M	$739.0M	$767.0M	$716.0M	$1.05B	$1.28B
Net income	−$223.0M	$350.0M	$347.0M	$603.0M	$205.0M	$279.0M	$446.0M	$747.0M
EPS (diluted)	−$0.60	$0.97	$0.96	$1.67	$0.57	$0.79	$1.26	$2.11
Balance sheet
Cash and equivalents	$61.0M	$625.0M	$67.0M	$107.0M	$475.0M	$516.0M	$293.0M	$444.0M
Total assets	$19.4B	$19.4B	$18.5B	$18.1B	$17.7B	$17.8B	$18.1B	$18.0B
Total liabilities	$10.8B	$13.0B	$12.1B	$11.2B	$10.8B	$10.8B	$10.7B	$10.0B
Long-term debt	$4.81B	$5.99B	$5.24B	$4.29B	$4.28B	$4.28B	$4.28B	$3.74B
Shareholders' equity	$4.78B	$5.28B	$5.44B	$5.91B	$5.96B	$6.09B	$6.46B	$7.02B
Cash flow
Operating cash flow	$1.34B	$1.04B	$1.10B	$1.18B	$1.46B	$808.0M	$554.0M	$1.71B
Dividends paid	$92.0M	$93.0M	$91.0M	$90.0M	$90.0M	$89.0M	$88.0M	$88.0M

From APA Corporation's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →

About APA Corporation

APA Corporation, a holding company for Apache Corporation, is an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston.

Source: Wikipedia — APA Corporation

Headquarters: Houston, Texas From SEC filings, Oct 2026

Company profile

APA Corporation, a Delaware corporation with principal executive offices at 2000 W. Sam Houston Pkwy. S., Suite 200, Houston, Texas, describes itself in its Form 10-K for the fiscal year ended December 31, 2025 as an independent energy company that owns subsidiaries that explore for, develop, and produce crude oil, natural gas, and NGLs. Its business has oil and gas operations in three geographic areas: the U.S., Egypt, and offshore the U.K. in the North Sea; it also has active development, exploration, and appraisal operations in Suriname, and exploration interests in Uruguay, Alaska, and other international locations. As a holding company, its primary assets are its ownership interests in its consolidated subsidiaries. Its common stock trades on the Nasdaq Global Select Market under the symbol APA; 353,251,476 shares were outstanding on January 31, 2026 (10-K cover and Item 5). The 10-K reports approximately 1,791 full-time equivalent employees at December 31, 2025, and four operating segments: Egypt, North Sea, Suriname, and the U.S.

On April 1, 2024 APA completed its acquisition of Callon Petroleum Company in an all-stock transaction valued at approximately $4.5 billion, inclusive of Callon's debt; the acquired assets included approximately 120,000 net acres in the Delaware Basin and 25,000 net acres in the Midland Basin. Through the rest of 2024 it sold non-core properties and interests for proceeds of approximately $1.6 billion, used primarily to reduce debt, and in 2025 it completed the sale of its New Mexico Permian assets for total cash consideration of $571 million, inclusive of post-closing adjustments. At December 31, 2025 its total estimated proved reserves were 1,056 MMboe, and 2025 production averaged 464,383 boe per day (10-K, Items 1 and 2 and Item 7).

Total revenues were $8,920 million in 2025, against $9,737 million in 2024 and $8,279 million in 2023 (10-K). Net income attributable to common stock was $1,434 million, or $3.99 per diluted share, against $804 million, or $2.27, in 2024. The 10-K says the increase in net income during 2025 was primarily the result of $1.1 billion of impairments recorded in 2024, which included oil and gas property impairments of $796 million in the North Sea and $315 million in the U.S., and that the Company also recorded lower operating expenses in 2025, the result of focused cost-reduction efforts. Net cash provided by operating activities was $4,545 million. The Company repurchased 12.9 million shares for $280 million, paid $360 million in dividends to common stockholders, and ended 2025 with approximately $4.5 billion of debt, a reduction of approximately $1.6 billion from the end of 2024 (10-K, Item 7).

For the quarter ended June 30, 2026, its 10-Q (unaudited) reports total revenues of $2,373 million, against $2,178 million a year earlier, and net income attributable to common stock of $747 million, or $2.11 per diluted share, against $603 million, or $1.67. In its August 5, 2026 release APA reported adjusted earnings of $669 million, or $1.89 per diluted share, and free cash flow of $738 million, both non-GAAP measures, and raised its full-year 2026 U.S. oil production outlook to 123,000 barrels of oil per day while maintaining U.S. capital at $1.3 billion (company projection, as reported). John J. Christmann IV, Chief Executive Officer (principal executive officer), and Ben C. Rodgers, Executive Vice President and Chief Financial Officer (principal financial officer), certified the 10-K (Exhibits 31.1 and 31.2).

Summary sources:¹²³⁴⁵⁶⁷⁸

$8,920 million¹

Total revenues, 2025 (year ended December 31, 2025)

$7,229 million¹

Oil, natural gas, and natural gas liquids production revenues, 2025

$1,691 million¹

Purchased oil and gas sales, 2025

$1,434 million³

Net income attributable to common stock, 2025

$3.99³

Diluted net income per common share, 2025

$804 million³

Net income attributable to common stock, 2024

$4,545 million⁴

Net cash provided by operating activities, 2025

$(2,740) million⁴

Additions to oil and gas property, 2025

$(360) million⁴

Dividends paid to APA common stockholders, 2025

$(280) million⁴

Treasury stock activity, net, 2025

$516 million⁹

Cash and cash equivalents, December 31, 2025

$4,280 million⁹

Long-term debt, December 31, 2025

$6,093 million⁹

APA shareholders' equity, December 31, 2025

$17,761 million¹

Total assets, December 31, 2025 (segment note)

1,056 MMboe¹

Total estimated proved reserves, December 31, 2025

464,383¹

Production, 2025 (BOE per day)

1,791¹

Employees, December 31, 2025 (approximate, full-time equivalent)

353,251,476²

Shares of common stock outstanding, January 31, 2026

$2,373 million⁵

Total revenues, quarter ended June 30, 2026 (unaudited)

$747 million⁵

Net income attributable to common stock, quarter ended June 30, 2026 (unaudited)

$2.11⁵

Diluted net income per common share, quarter ended June 30, 2026 (unaudited)

$669 million, or $1.89 per diluted share⁶

Adjusted earnings, quarter ended June 30, 2026 (non-GAAP, as reported by APA: earnings adjusted for certain items that impact the comparability of results)

$738 million⁶

Free cash flow, quarter ended June 30, 2026 (non-GAAP, as reported by APA; reconciled from cash flows from operations before changes in operating assets and liabilities)

$3.3 billion⁶

Net debt, end of the second quarter of 2026 (non-GAAP, as reported by APA: outstanding debt obligations less cash and cash equivalents)

10.5 million, at an average price of $42.78 per share¹⁰

Shares repurchased, third quarter of 2026 (as reported by APA)

$2.07 billion⁶

Total company upstream capital investment, full-year 2026 (company projection, as reported, August 5, 2026; non-GAAP, excludes the one-third noncontrolling interest in Egypt, property and leasehold acquisitions, asset retirement additions and revisions, capitalized interest, and certain exploration expenses)

Revenue by fiscal year, as reported in 10-K

Fiscal year	Revenue (as reported in 10-K)	Reported as	Filed
2021	$7,985 million¹¹	Form 10-K for the fiscal year ended December 31, 2021, total revenues, in millions as filed	Feb 22, 2022
2022	$11,075 million¹²	Form 10-K for the fiscal year ended December 31, 2022, total revenues, in millions as filed	Feb 23, 2023
2023	$8,279 million¹³	Form 10-K for the fiscal year ended December 31, 2023, total revenues, in millions as filed	Feb 22, 2024
2024	$9,737 million¹⁴	Form 10-K for the fiscal year ended December 31, 2024, total revenues, in millions as filed	Feb 28, 2025
2025	$8,920 million¹	Form 10-K for the fiscal year ended December 31, 2025, total revenues, in millions as filed	Feb 26, 2026

Products

Products (10-K)

Name	Released	What it is
Crude oil	—	Oil revenues as filed, in millions: $5,809 in 2025, $6,966 in 2024 and $5,997 in 2023. The 10-K says crude oil sales accounted for 80 percent of its 2025 oil and gas production revenues and 51 percent of its worldwide production.¹
Natural gas	—	Natural gas revenues as filed, in millions: $770 in 2025, $584 in 2024 and $880 in 2023. The 10-K says natural gas sales accounted for 11 percent of its 2025 oil and gas production revenues and 32 percent of its worldwide production.¹
Natural gas liquids (NGLs)	—	NGL revenues as filed, in millions: $650 in 2025, $646 in 2024 and $508 in 2023. The 10-K says NGL sales accounted for 9 percent of its 2025 oil and gas production revenues and 17 percent of its worldwide production.¹

Operating areas (10-K)

Name	Released	What it is
Midland Basin	—	Approximately 406,000 gross acres (288,000 net acres) in West Texas. In 2025 APA drilled 106 gross development wells there with a 100 percent success rate, primarily targeting oil plays in the Spraberry and Wolfcamp shale formations.¹
Delaware Basin	—	Approximately 217,000 gross acres (166,000 net acres) in West Texas. In 2025 APA drilled 84 gross development wells there with a 100 percent success rate, primarily targeting the Bone Spring and Wolfcamp formations.¹
Egypt's Western Desert	—	7.5 million gross acres in six separate concessions at year-end 2025, primarily held under one merged concession agreement. The sole Contractor under it is owned by an APA-operated joint venture owned two-thirds by the Company and one-third by Sinopec.¹
U.K. North Sea	—	Interests in approximately 176,000 gross acres, which contributed 7 percent of 2025 production. APA expects to cease production at its North Sea facilities prior to 2030; its investment program there is now directed toward asset safety and integrity.¹
GranMorgu (Block 58, offshore Suriname)	—	First oil development in Block 58, held with TotalEnergies (operator of exploration activities) under a joint venture agreement; Staatsolie exercised its right to a 20 percent share. FPSO oil capacity of 220,000 b/d; total investment estimated at $10.5 billion; first oil anticipated in 2028.¹
North Slope of Alaska	—	Approximately 325,000 gross acres (163,000 net acres) of undeveloped acreage. A 2025 exploratory well confirmed the discovery of a reservoir; in a flow test it averaged 2,700 b/d during the final flow period, and further appraisal drilling will determine the ultimate size of the discovery.¹

Segments and products

U.S.: Operations primarily in the Permian Basin of West Texas, including the Midland and Delaware sub-basins, with legacy operations offshore in the Gulf of America (10-K, Items 1 and 2). In millions as filed in the segment note: oil, natural gas, and natural gas liquids production revenues of $3,819 in 2025 (2024: $4,315; 2023: $3,018), purchased oil and gas sales of $1,691 (2024: $1,541; 2023: $894) and operating income of $1,670 (2024: $1,531; 2023: $1,359). Total assets were $12,568 million at December 31, 2025.¹
Egypt: Onshore conventional assets in Egypt's Western Desert, conducted pursuant to production-sharing contracts under which the Company is the contractor partner with EGPC; through a joint venture, Sinopec holds a one-third minority participation interest in the Company's oil and gas operations in Egypt (10-K, Items 1 and 2). In millions as filed in the segment note: oil, natural gas, and natural gas liquids production revenues of $2,637 in 2025 (2024: $2,933; 2023: $3,029) and operating income of $1,416 (2024: $1,707; 2023: $1,879). Revenues include oil and gas production revenue that will be paid as taxes by EGPC on behalf of the Company: $536 million for oil and $114 million for natural gas in 2025.¹
North Sea: Offshore assets based in the U.K. (10-K, Items 1 and 2). In millions as filed in the segment note: oil, natural gas, and natural gas liquids production revenues of $773 in 2025 (2024: $948; 2023: $1,338) and operating income of $21 (2024: $(728); 2023: $501). Segment impairments were $7 million in 2025 and $809 million in 2024.¹
Suriname (in Intersegment Eliminations & Other): Suriname is one of the four operating segments, but the segment note presents its operating expenses under Intersegment Eliminations & Other, as the operating segment has not met the quantitative thresholds to be separately reported; exploration expense in that column primarily reflects Suriname exploration activities. Operating income (loss) as filed for that column: $(20) million in 2025, $(66) million in 2024 and $(43) million in 2023.¹
How segments are measured: The 10-K names the Chief Executive Officer, John J. Christmann, IV, as the chief operating decision maker. The information he regularly reviews is primarily associated with operating income from each segment and the resulting free cash flow, amongst other metrics, and the Company concluded that the most comparable measure under U.S. GAAP is operating income (10-K, segment note).¹

Risks

Oil, natural gas and NGL prices: The 10-K says crude oil, natural gas, and NGL prices and their volatility could adversely affect its operating results and the price of its common stock, and that low prices have previously adversely affected and could in the future adversely affect its revenues, operating income, cash flow, and proved reserves. Average realized crude oil prices for 2025 were down 14 percent compared to 2024, at $66.92 per barrel; the 10-K says this decrease reduced 2025 crude oil revenues by $996 million, while 3 percent lower average daily production decreased them by $161 million (10-K, Items 1A and 7).¹
Egypt and other international operations: Approximately 38 percent of 2025 production on a barrel equivalent basis was outside the U.S., and approximately 26 percent of estimated proved reserves at December 31, 2025. The 10-K says previous deteriorations in the economic conditions in Egypt led to a shortage of foreign currency, resulting in a decline in the timeliness of payments from EGPC, and that such declines may reoccur if conditions were to deteriorate again; its outstanding receivable balance from EGPC was current as of December 31, 2025. Sales to EGPC accounted for approximately 15 percent of worldwide crude oil, natural gas, and NGLs revenues in 2025 (10-K, Items 1 and 2, Item 1A and Note 1).¹
Decommissioning of sold Gulf of America properties: In 2013 Apache sold its Gulf of America Shelf operations and properties and its operating subsidiary, GOM Shelf LLC, to Fieldwood Energy LLC, which later filed twice for Chapter 11. GOM Shelf notified the Bureau of Safety and Environmental Enforcement that it was unable to fund decommissioning obligations on certain of the Legacy GOA Assets, and Apache has received orders to decommission certain of them. Apache estimates its potential liability at $0.9 billion to $1.2 billion on an undiscounted basis and recorded contingent liabilities of $881 million at December 31, 2025; the 10-K says changes in significant assumptions could result in a liability in excess of the amount accrued (10-K, Item 7 and Note 10).¹
Development projects and frontier exploration: The 10-K says APA is involved in several large development projects whose completion may be delayed beyond its anticipated completion dates, and that frontier exploration and development projects involve heightened operational, regulatory, and execution risks. It says legal actions have recently been filed in Uruguay seeking to enjoin offshore drilling activities and to prevent the acquisition of seismic data; a request for injunctive relief was denied by a local court in one case, but the underlying litigation remains pending (10-K, Item 1A).¹
Replacing reserves: The 10-K says discoveries or acquisitions of additional reserves are needed to avoid a material decline in reserves and production, because production from oil and natural gas properties generally declines as reserves are depleted, and that reserves are estimates whose actual recoveries may vary significantly. In 2025 it added approximately 100 MMboe from extensions, discoveries, and other additions, and divestitures of non-core producing properties in the U.S. reduced estimated proved reserves by approximately 19 MMboe (10-K, Items 1 and 2 and Item 1A).¹
Cybersecurity: The 10-K says a cyberattack targeting systems and infrastructure used by the Company or others in the oil and gas industry may adversely impact its operations, and that while it has not suffered any material losses as a result of cyberattacks, there is no assurance that it will not suffer such losses in the future. As of December 31, 2025, no risks from cybersecurity threats or incidents had materially affected or were reasonably likely to materially affect its business strategy, results of operations, or financial condition (10-K, Items 1A and 1C).¹

Frequently asked questions

What does APA Corporation do?: APA describes itself in its 10-K for 2025 as an independent energy company that owns subsidiaries that explore for, develop, and produce crude oil, natural gas, and NGLs. It has oil and gas operations in the U.S., Egypt, and offshore the U.K. in the North Sea, development, exploration, and appraisal operations in Suriname, and exploration interests in Uruguay, Alaska, and other international locations.
How much revenue did APA make in 2025?: Total revenues were $8,920 million in 2025, against $9,737 million in 2024, according to its 10-K for 2025. Total revenues were $8,279 million in 2023, $11,075 million in 2022 and $7,985 million in 2021, as filed in those years' 10-Ks.
Why did APA's crude oil revenues fall in 2025?: The 10-K says crude oil revenues for 2025 totaled $5.8 billion, a $1.2 billion decrease from $7.0 billion in 2024. A 14 percent decrease in average realized prices reduced revenues by $996 million, while 3 percent lower average daily production decreased revenues by $161 million. Natural gas revenues rose by $186 million to $770 million: a 20 percent increase in average realized prices increased revenues by $118 million and 10 percent higher average daily production by $68 million.
Why did APA's net income rise in 2025?: Net income attributable to common stock was $1,434 million, or $3.99 per diluted share, against $804 million, or $2.27, in 2024. The 10-K says the increase was primarily the result of $1.1 billion of impairments recorded in 2024, which included oil and gas property impairments of $796 million in the North Sea and $315 million in the U.S., and that the Company also recorded lower operating expenses in 2025, the result of focused cost-reduction efforts.
What were APA's latest quarterly results?: For the quarter ended June 30, 2026, its 10-Q (unaudited) reports total revenues of $2,373 million, against $2,178 million a year earlier, and net income attributable to common stock of $747 million, or $2.11 per diluted share, against $603 million, or $1.67. The 10-Q says the increase in net income in the second quarter and first six months of 2026 was primarily driven by higher oil revenues on stronger crude oil price realizations, improved margins on third-party purchased oil and gas activity and lower operating expenses driven by prior-year cost savings initiatives. The August 5, 2026 release reports adjusted earnings of $669 million, or $1.89 per diluted share, a non-GAAP measure.
What is APA's outlook for 2026?: In its August 5, 2026 release APA raised its full-year 2026 U.S. oil production outlook to 123,000 barrels of oil per day while maintaining U.S. capital at $1.3 billion. It expects total company upstream capital investment of $2.07 billion (a non-GAAP measure that excludes the one-third noncontrolling interest in Egypt), reflecting slightly lower exploration spend due to a shift in timing of Suriname Block 58 exploration activity, lowered lease operating expenses guidance by $25 million to $1.5 billion, reflecting ongoing cost savings, and expects to exit 2026 with approximately $500 million of run-rate savings, up from its prior $450 million target. These are the company's own projections, not reported results.
What is GranMorgu?: GranMorgu is the first oil development in Block 58 offshore Suriname, where APA has a joint venture agreement with TotalEnergies to explore and develop the block; APA announced in October 2024 that its subsidiary reached a positive final investment decision for it. It will produce the Krabdagu and Sapakara oil discoveries through a floating production, storage and offloading unit with oil production capacity of 220,000 b/d. The 10-K estimates total investment at $10.5 billion and says first oil is anticipated in 2028. Staatsolie exercised its right to a 20 percent share of the development.
Does APA pay a dividend?: Yes. The 10-K says APA paid a quarterly dividend of $0.25 per share during 2025, has paid cash dividends on its common stock for 61 consecutive years through December 31, 2025, and paid $360 million in dividends to common stockholders in 2025. Its October 7, 2026 release says APA repurchased 10.5 million shares at an average price of $42.78 per share during the third quarter of 2026.
Who runs APA?: John J. Christmann IV is Chief Executive Officer (principal executive officer) and Ben C. Rodgers is Executive Vice President and Chief Financial Officer (principal financial officer); both certified APA's 10-K for the fiscal year ended December 31, 2025.