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APA Corporation (NASDAQ: APA) lifts cash flow and cuts net debt in Q2 2026

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

APA Corporation reported strong second-quarter 2026 results, combining higher profitability, robust cash generation and continued balance sheet repair. Net income attributable to common stock was $747 million, or $2.11 per diluted share, and adjusted earnings were $669 million, or $1.89 per diluted share. Net cash provided by operating activities reached $1.7 billion, supporting free cash flow of $738 million and adjusted EBITDAX of $1.8 billion.

Reported production averaged 410,000 BOE per day, with adjusted production of 347,000 BOE per day, both above guidance; U.S. oil volumes were 123,500 barrels per day, 2,500 barrels per day above guidance. APA repaid $752 million of near-term bond debt in the first half and has reduced total debt by $2.3 billion since year-end 2024, cutting annualized interest expense by more than $155 million and ending the quarter with net debt of $3.3 billion. The company returned $189 million to shareholders in the quarter via dividends and share repurchases.

APA raised its 2026 U.S. oil production outlook to 123,000 barrels per day while holding U.S. capital at $1.3 billion, lifted expected 2026 exit run-rate cost savings to $500 million, and highlighted growth options including the pending $70 million Savant Alaska acquisition and a new exploration partnership with Eni in Uruguay.

Positive

  • Net income rose to $747 million (EPS $2.11) with adjusted earnings of $669 million ($1.89 per share), both significantly above the prior-year quarter.
  • Free cash flow surged to $738 million and net cash from operating activities to about $1.7 billion in Q2 2026, reinforcing internal funding capacity.
  • Total debt has been reduced by $2.3 billion since year-end 2024, lowering annualized interest expense by more than $155 million and bringing net debt down to $3.3 billion.
  • 2026 U.S. oil production guidance increased to 123,000 barrels per day while keeping U.S. capital at $1.3 billion and raising expected exit run-rate cost savings to $500 million.
  • Strategic portfolio moves in Alaska and Uruguay add future optionality, including a $70 million Savant Alaska acquisition and an offshore exploration partnership with Eni that funds most of an initial well.

Negative

  • Total company production declined 12% year over year to 409,959 BOE per day in Q2 2026, with notable volume reductions in Egypt and the North Sea.

Filing Explained

The Savant deal remains incomplete; it carries $70 million upfront consideration, while APA retains 60% of Uruguay Block 6.

This Form 8-K furnishes APA’s second-quarter results for the quarter ended June 30, 2026; the results are reported, while the Savant Alaska acquisition remains pending rather than completed.

The structural changes disclosed are conditional: under the Savant agreement, APA would pay $70 million in upfront consideration before customary closing adjustments, plus additional contingent payments, while the Uruguay agreement provides that APA will retain a 60% working interest in Block 6.

Savant closing is expected by year-end 2026, subject to regulatory approval and customary closing conditions; Eni is to fund most of the initial exploration well planned for 2027.

Item 2.02 identifies the disclosure as results of operations and financial condition, and Exhibit 99.1 is furnished rather than treated as filed for Section 18 purposes.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income attributable to common stock (Q2 2026) $747 million Quarter ended June 30, 2026
Adjusted earnings (Q2 2026) $669 million Non-GAAP adjusted earnings for quarter ended June 30, 2026
Net cash provided by operating activities (Q2 2026) $1,706 million Summary cash flow information for quarter ended June 30, 2026
Free cash flow (Q2 2026) $738 million Non-GAAP free cash flow for quarter ended June 30, 2026
Adjusted EBITDAX (Q2 2026) $1,837 million Non-GAAP adjusted EBITDAX for quarter ended June 30, 2026
Net debt at June 30, 2026 $3,299 million Total debt minus cash and cash equivalents as of June 30, 2026
Reported production (Q2 2026) 409,959 BOE per day Total company production for quarter ended June 30, 2026
Total BOE production change (12)% Percent change in total BOE per day, Q2 2026 vs Q2 2025
free cash flow financial
"Free cash flow totaled $738 million, bringing total free cash flow generation"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
adjusted EBITDAX financial
"Net cash provided by operating activities was $1.7 billion, and adjusted EBITDAX was $1.8 billion"
Adjusted EBITDAX is a measure of a company’s operating profit that adds back interest, taxes, depreciation, amortization and specific recurring costs (often exploration or similar project expenses), then removes one‑time or unusual items to show recurring cash profitability. Investors use it like a clean yardstick—ignoring financing choices, accounting rules and one‑off events—to compare core performance across periods or peers and assess a business’s ability to generate cash from operations.
noncontrolling interest financial
"Net income attributable to noncontrolling interest | 80"
The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.
asset retirement obligation accretion financial
"Asset retirement obligation accretion | 43"
upstream capital investment financial
"Total Upstream capital investment | $ | 546"
derivative instrument gains financial
"Derivative instrument gains (losses), net | 8"
Net income attributable to common stock $747 million; diluted EPS $2.11 Compared with $603 million and $1.67 diluted EPS in second quarter 2025
Adjusted earnings (non-GAAP) $669 million; diluted EPS $1.89 Compared with $313 million and $0.87 diluted EPS in second quarter 2025
Total revenues and other $2,399 million Compared with $2,612 million in second quarter 2025
Net cash provided by operating activities $1,706 million Compared with $1,181 million in second quarter 2025
Free cash flow $738 million Compared with $134 million in second quarter 2025
Adjusted EBITDAX $1,837 million Compared with $1,299 million in second quarter 2025
Reported production 409,959 BOE per day Down from 465,078 BOE per day in second quarter 2025
Guidance

For full-year 2026, APA raised its U.S. oil production outlook to 123,000 barrels of oil per day while maintaining U.S. capital at $1.3 billion, expects total upstream capital investment of $2.07 billion, and lowered lease operating expense guidance by $25 million to $1.5 billion.

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FAQ

What were APA (APA) Corporation's net income and EPS for Q2 2026?
APA reported net income attributable to common stock of $747 million, or $2.11 per diluted share, for the quarter ended June 30, 2026. Adjusted earnings were $669 million, or $1.89 per diluted share, highlighting strong underlying profitability compared with the prior-year period.

How much free cash flow did APA (APA) generate in the second quarter of 2026?
APA generated free cash flow of $738 million in Q2 2026. This was derived from $1.706 billion of net cash provided by operating activities, after upstream capital investment, abandonment and decommissioning spend, leasehold activity, and distributions to its Sinopec noncontrolling interest.

How did APA (APA) production perform versus guidance in Q2 2026?
Reported production averaged 410,000 BOE per day and adjusted production 347,000 BOE per day, both exceeding guidance. U.S. oil output averaged 123,500 barrels per day, which was 2,500 barrels per day above guidance, reflecting efficiency gains and strong base performance in the Permian Basin.

What debt reduction progress did APA (APA) report through June 30, 2026?
During the first half of 2026, APA repaid $752 million of near-term bond debt and has reduced total debt by $2.3 billion since year-end 2024. As of June 30, 2026, net debt stood at $3.299 billion, helping lower annualized interest expense by more than $155 million.

What guidance updates did APA (APA) provide for full-year 2026?
APA raised its U.S. oil production outlook to 123,000 barrels per day while maintaining U.S. capital at $1.3 billion. It expects total upstream capital investment of $2.07 billion and lowered lease operating expense guidance by $25 million to $1.5 billion, reflecting ongoing cost savings.

What strategic transactions did APA (APA) highlight in Alaska and Uruguay?
APA agreed to acquire Savant Alaska, LLC for $70 million upfront plus contingent payments, securing key infrastructure on Alaska’s eastern North Slope. In Uruguay, APA signed a partnership with Eni in offshore Block 6, retaining a 60% working interest while Eni funds most of an initial 2027 exploration well.
false000184166600018416662026-08-052026-08-05
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2026

APA CORPORATION
(Exact name of registrant as specified in its charter)
Delaware001-4014486-1430562
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
2000 W Sam Houston Pkwy S, Suite 200
Houston, Texas 77042-3643
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (713) 296-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Trading
Name of each exchange
Title of each class
Symbol(s)
on which registered
Common Stock, $0.625 par valueAPANasdaq Global Select Market
Nasdaq Texas, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


The information in this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of Section 18, and shall not be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing.
Item 2.02.    Results of Operations and Financial Condition.

On August 5, 2026, APA Corporation issued a press release announcing financial and operating results for the fiscal quarter ended June 30, 2026. The full text of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
Item 9.01.    Financial Statements and Exhibits.

(d)Exhibits.

Exhibit No. Description
99.1
Press Release of APA Corporation dated August 5, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

APA CORPORATION

Date:August 5, 2026By:/s/ Robert P. Rayphole
Robert P. Rayphole
Vice President, Chief Accounting Officer, and Controller
(Principal Accounting Officer)

Exhibit 99.1
picture1.jpg
NEWS RELEASE
APA Corporation announces second-quarter 2026
financial and operational results

Second-quarter 2026 highlights
•Reported production of approximately 410,000 barrels of oil equivalent (BOE) per day; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 347,000 BOE per day and exceeded guidance;
•Delivered U.S. oil production of 123,500 barrels of oil per day, 2,500 barrels of oil per day above guidance;
•Generated $1.7 billion of net cash provided by operating activities, $738 million of free cash flow, and $1.8 billion of adjusted EBITDAX; returned $189 million to shareholders through dividends and share repurchases;
•Repaid $752 million of near-term bond debt in the first half of the year; total debt has declined by $2.3 billion since year-end 2024, lowering annualized interest expense by more than $155 million;
•Raised full-year U.S. oil production guidance to 123,000 barrels of oil per day while maintaining U.S. capital at $1.3 billion;
•Increased expected 2026 exit run-rate cost savings to $500 million, up from the prior $450 million target, reflecting continued momentum; and
•Significantly advanced exploration portfolio through the pending Savant acquisition in Alaska and a new strategic partnership with Eni S.p.A in Uruguay.

HOUSTON, Aug. 5, 2026 – APA Corporation (Nasdaq: APA) today announced its financial and operational results for the second quarter of 2026. APA reported net income attributable to common stock of $747 million, or $2.11 per diluted share. When adjusted for certain items that impact the comparability of results, APA’s second-quarter earnings totaled $669 million, or $1.89 per diluted share.

1
APA CORPORATION ANNOUNCES SECOND-QUARTER 2026
FINANCIAL AND OPERATIONAL RESULTS — PAGE 2 of 6
Second-quarter summary
Second-quarter reported production was 410,000 BOE per day, and adjusted production was 347,000 BOE per day, both exceeding guidance. U.S. oil production averaged 123,500 barrels per day, 2,500 barrels per day above guidance, reflecting continued drilling and completion efficiency gains and strong base production performance in the Permian Basin.
In Egypt, adjusted production averaged 61,000 BOE per day and was in line with guidance. Gross production averaged 207,000 BOE per day. Gross gas production increased to 539 million cubic feet (MMCF) per day, supported by continued execution of the company’s gas-focused development program. Nearly half of Egypt’s gas production is now benefiting from the revised pricing agreement.
Net cash provided by operating activities was $1.7 billion, and adjusted EBITDAX was $1.8 billion. Upstream capital investment was $546 million, and lease operating expense was $353 million, both below guidance. Free cash flow totaled $738 million, bringing total free cash flow generation to $1.2 billion for the first half of the year.
Balance sheet and shareholder returns
APA repaid $752 million of near-term bond debt during the first half of 2026, including $673 million in the second quarter. The company has reduced total debt by $2.3 billion since year-end 2024, lowering annualized interest expense by more than $155 million. Net debt was $3.3 billion at the end of the second quarter.
APA returned $189 million to shareholders during the second quarter through dividends and share repurchases, including the repurchase of 2.8 million shares at an average price of $35.26 per share; cumulative returns to shareholders during the first half of the year totaled $277 million. Consistent with prior years, the company expects to return at least 60% of free cash flow to shareholders in 2026 while also strengthening the balance sheet.
CEO commentary
“We delivered a very strong second quarter, with excellent operational execution across our core assets,” said John J. Christmann IV, APA’s CEO. “We’re sustaining top-tier operational performance and driving stronger production, lower costs and lower capital intensity. These results reflect the structural improvements we’ve made over the past two years to become a cost leader and drive higher capital efficiency across the Permian and Egypt. APA is in a great position with a strengthening balance sheet, a highly capital-efficient base business, a clear path to organic oil production growth led by GranMorgu and multiple high-quality investment opportunities in exploration.”

APA CORPORATION ANNOUNCES SECOND-QUARTER 2026
FINANCIAL AND OPERATIONAL RESULTS — PAGE 3 of 6
Exploration portfolio update
APA previously announced an agreement to acquire Savant Alaska, LLC for $70 million in upfront consideration prior to customary closing adjustments, plus additional contingent payments tied to future development of APA’s eastern North Slope position. The acquisition secures ownership of key midstream, pipeline and field infrastructure adjacent to APA’s existing acreage and is expected to enhance development flexibility, accelerate project timelines, and lower future development costs. It also enhances APA’s ability to appraise and potentially develop discoveries across its broader eastern North Slope position. Closing is expected by year-end 2026, subject to regulatory approval and customary closing conditions.
In Uruguay, APA signed an agreement with Eni S.p.A as a strategic partner in offshore Block 6. APA will retain a 60% working interest, with Eni funding most of the initial exploration well planned for 2027.
“We continued to advance one of the industry's most differentiated exploration portfolios,” said Christmann. “The pending Savant acquisition in Alaska will secure critical infrastructure adjacent to our position and increase flexibility as we evaluate next steps. In Uruguay, we’re pleased to welcome Eni as a strategic partner in OFF-6.”
Cost reduction initiatives update
Cost reduction initiatives continued to build momentum during the quarter. APA now expects to exit 2026 with approximately $500 million of run-rate savings, an increase from the company's prior $450 million target. This improvement results from continued strong execution across the portfolio, including field-level operating efficiencies, well cost reductions, and ongoing corporate streamlining, all of which are lowering the company's underlying cost structure.
Full-year guidance update
For full-year 2026, APA is raising its U.S. oil production outlook to 123,000 barrels of oil per day while maintaining U.S. capital at $1.3 billion. Total company upstream capital investment is expected to be $2.07 billion, reflecting slightly lower exploration spend due to a shift in timing of Suriname Block 58 exploration activity. Lease operating expenses guidance has been lowered by $25 million to $1.5 billion, reflecting ongoing cost savings.



APA CORPORATION ANNOUNCES SECOND-QUARTER 2026
FINANCIAL AND OPERATIONAL RESULTS — PAGE 4 of 6
Conference call

APA will host a conference call to discuss its second-quarter 2026 results at 10 a.m. Central time, Thursday, Aug. 6. 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 http://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 SECOND-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 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “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, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset acquisitions (including the pending Savant acquisition and the expected closing thereof and benefits therefrom), monetizations, debt reductions, capital returns, and 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 December 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 SECOND-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 the Quarter EndedFor the Six Months Ended
June 30,June 30,
2026202520262025
REVENUES AND OTHER:
Oil, natural gas, and natural gas liquids production revenues
Oil revenues$1,826 $1,381 $3,470 $2,981 
Natural gas revenues41 184 198 417 
Natural gas liquids revenues170 153 311 359 
2,037 1,718 3,979 3,757 
Purchased oil and gas sales336 460 721 1,057 
Total revenues2,373 2,178 4,700 4,814 
Derivative instrument gains (losses), net8 138 (105)110 
Gain (loss) on divestitures, net(2)282 (2)280 
Other, net20 14 21 20 
2,399 2,612 4,614 5,224 
OPERATING EXPENSES:
Lease operating expenses353 367 715 774 
Gathering, processing, and transmission87 104 178 208 
Purchased oil and gas costs (proceeds)(122)304 (47)778 
Taxes other than income61 54 118 128 
Exploration58 43 84 73 
General and administrative68 66 183 164 
Transaction, reorganization, and separation12 11 19 48 
Depreciation, depletion, and amortization:
Oil and gas property and equipment497 523 1,043 1,159 
Other assets7 7 14 14 
Asset retirement obligation accretion43 39 85 78 
Financing costs, net58 66 115 9 
1,122 1,584 2,507 3,433 
NET INCOME BEFORE INCOME TAXES1,277 1,028 2,107 1,791 
Current income tax provision234 232 536 538 
Deferred income tax provision216 131 201 170 
NET INCOME INCLUDING NONCONTROLLING INTERESTS827 665 1,370 1,083 
Net income attributable to noncontrolling interest80 62 177 133 
NET INCOME ATTRIBUTABLE TO COMMON STOCK$747 $603 $1,193 $950 
NET INCOME PER COMMON SHARE:
Basic$2.11$1.67$3.37$2.62
Diluted$2.11$1.67$3.37$2.62
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic353361353362
Diluted354361354362
DIVIDENDS DECLARED PER COMMON SHARE$0.25$0.25$0.50$0.50
Page 1

APA CORPORATION
PRODUCTION INFORMATION

For the Quarter Ended% ChangeFor the Six Months Ended
June 30,March 31,June 30,2Q26 to 1Q262Q26 to 2Q25June 30,June 30,
20262026202520262025
OIL VOLUME - Barrels per day
United States123,455 123,898 123,725 —%—%123,675 124,420 
Egypt (1,2)
70,139 86,736 86,210 (19)%(19)%78,392 86,192 
North Sea17,676 21,336 25,309 (17)%(30)%19,496 25,258 
Total (1)
211,270 231,970 235,244 (9)%(10)%221,563 235,870 
NATURAL GAS VOLUME - Mcf per day
United States403,474 413,975 519,276 (3)%(22)%408,696 546,853 
Egypt (1, 2)
327,286 381,406 345,649 (14)%(5)%354,196 331,507 
North Sea21,365 29,045 29,174 (26)%(27)%25,184 30,383 
Total (1)
752,125 824,426 894,099 (9)%(16)%788,076 908,743 
NGL VOLUME - Barrels per day
United States72,487 71,826 79,632 1%(9)%72,158 78,525 
North Sea848 1,151 1,186 (26)%(28)%999 1,165 
Total (1)
73,335 72,977 80,818 —%(9)%73,157 79,690 
BOE per day
United States263,187 264,720 289,902 (1)%(9)%263,949 294,087 
Egypt (1, 2)
124,687 150,304 143,818 (17)%(13)%137,425 141,443 
North Sea22,085 27,328 31,358 (19)%(30)%24,692 31,487 
Total (1)
409,959 442,352 465,078 (7)%(12)%426,066 467,017 














Total excluding noncontrolling interests368,385 392,235 417,096 (6)%(12)%380,245 419,830 

(1) Includes net production volumes attributed to our noncontrolling partner in Egypt below:

Oil (b/d)23,386 28,921 28,762 26,138 28,754 
Gas (Mcf/d)109,125 127,175 115,319 118,100 110,596 
BOE per day41,574 50,117 47,982 45,821 47,187 

(2) Egypt Gross Production:

Oil (b/d)117,056 121,472 123,852 119,252 125,927 
Gas (Mcf/d)538,925 517,623 479,235 528,333 468,157 
BOE per day206,877 207,743 203,725 207,308 203,953 
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 the Quarter Ended% ChangeFor the Six Months Ended
June 30,March 31,June 30,2Q26 to 1Q262Q26 to 2Q25June 30,June 30,
20262026202520262025
OIL VOLUME - Barrels per day
United States123,455 123,898 123,725 —%—%123,675 124,420 
Egypt34,555 41,253 43,593 (16)%(21)%37,885 43,060 
North Sea17,676 21,336 25,309 (17)%(30)%19,496 25,258 
Total175,686 186,487 192,627 (6)%(9)%181,056 192,738 














NATURAL GAS VOLUME - Mcf per day
United States403,474 413,975 519,276 (3)%(22)%408,696 546,853 
Egypt161,168 180,854 175,126 (11)%(8)%170,956 165,395 
North Sea21,365 29,045 29,174 (26)%(27)%25,184 30,383 
Total586,007 623,874 723,576 (6)%(19)%604,836 742,631 














NGL VOLUME - Barrels per day
United States72,487 71,826 79,632 1%(9)%72,158 78,525 
North Sea848 1,151 1,186 (26)%(28)%999 1,165 
Total73,335 72,977 80,818 —%(9)%73,157 79,690 














BOE per day
United States263,187 264,720 289,902 (1)%(9)%263,949 294,087 
Egypt61,416 71,395 72,781 (14)%(16)%66,378 70,626 
North Sea22,085 27,328 31,358 (19)%(30)%24,692 31,487 
Total346,688 363,443 394,041 (5)%(12)%355,019 396,200 
Page 3

APA CORPORATION
PRICE INFORMATION

For the Quarter EndedFor the Six Months Ended
June 30,March 31,June 30,June 30,June 30,
20262026202520262025
AVERAGE OIL PRICE PER BARREL
United States$98.46$72.53$64.84$85.54$68.64
Egypt95.9586.0166.3990.4870.70
North Sea110.7884.6766.5693.3671.61
Total98.2478.6965.5887.8969.72
AVERAGE NATURAL GAS PRICE PER MCF
United States$(2.98)$(0.32)$1.03$(1.64)$1.54
Egypt4.234.013.484.123.34
North Sea15.8814.1911.6914.8913.42
Total0.602.122.281.392.55
AVERAGE NGL PRICE PER BARREL
United States$24.59$19.89$19.87$22.26$23.91
North Sea67.5049.2441.6255.5946.28
Total25.4120.9620.4923.1924.54
Page 4

APA CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In millions)

SUMMARY EXPLORATION EXPENSE INFORMATION
For the Quarter EndedFor the Six Months Ended
June 30,June 30,
2026202520262025
Unproved leasehold impairments$1 $— $2 $— 
Dry hole expense43 32 54 43 
Geological and geophysical expense2 — 4 4 
Exploration overhead and other12 11 24 26 
$58 $43 $84 $73 









SUMMARY STOCK-SETTLED AND CASH-SETTLED EQUITY COMPENSATION INFORMATION
For the Quarter EndedFor the Six Months Ended
June 30,March 31,June 30,June 30,
20262026202520262025
Stock-settled and cash-settled compensation expensed:
Lease operating expenses$4 $14 $3 $18 $10 
Exploration1 9 2 10 3 
General and administrative9 47 8 56 25 
Total stock-settled and cash-settled compensation expensed14 70 13 84 38 
Stock-settled and cash-settled compensation capitalized3 12 2 15 6 
Stock-settled and cash-settled compensation associated with abandonment and decommissioning— 2 — 2 — 
Total stock-settled and cash-settled compensation costs$17 $84 $15 $101 $44 










Page 5

APA CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In millions)








SUMMARY CASH FLOW INFORMATION
For the Quarter EndedFor the Six Months Ended
June 30,June 30,
2026202520262025
Net cash provided by operating activities$1,706 $1,181 $2,260 $2,277 
Additions to upstream oil and gas property(569)(660)(1,111)(1,437)
Leasehold and property acquisitions(2)(7)(6)(20)
Proceeds from asset divestitures— 571 — 571 
Other, net(20)1 (16)5 
Net cash used in investing activities$(591)$(95)$(1,133)$(881)
Payments on commercial paper and revolving credit facilities, net— (766)— (333)
Payments on term loan facility— — — (900)
Fixed-rate debt borrowings— — — 846 
Payments on fixed-rate debt(675)(49)(754)(954)
Distributions to noncontrolling interest(99)(91)(164)(217)
Treasury stock activity, net(100)(50)(100)(150)
Dividends paid to APA common stockholders(89)(90)(177)(181)
Other, net(1)— (4)(25)
Net cash used in financing activities$(964)$(1,046)$(1,199)$(1,914)

SUMMARY BALANCE SHEET INFORMATION
June 30,December 31,
20262025
Cash and cash equivalents$444 $516 
Other current assets1,833 1,605 
Property and equipment, net12,899 12,748 
Other assets2,797 2,892 
Total assets$17,973 $17,761 




Current debt$2 $213 
Current liabilities2,405 2,358 
Long-term debt3,741 4,280 
Decommissioning contingency for sold Gulf of America properties677 782 
Deferred credits and other noncurrent liabilities3,204 3,125 
APA shareholders’ equity7,021 6,093 
Noncontrolling interest923 910 
Total Liabilities and equity$17,973 $17,761 
Common shares outstanding at end of period351353
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 the Quarter EndedFor the Six Months Ended
June 30,June 30,
2026202520262025
Costs incurred in oil and gas property:
Asset and leasehold acquisitions$3 $8 $7 $17 
Exploration and development643 735 1,292 1,529 
Total Costs incurred in oil and gas property$646 $743 $1,299 $1,546 
Reconciliation of Costs incurred to Upstream capital investment:
Total Costs incurred in oil and gas property$646 $743 $1,299 $1,546 
Asset and leasehold acquisitions(3)(8)(7)(17)
Asset retirement obligations incurred - oil and gas property(5)(3)(9)(8)
Capitalized interest(16)(16)(30)(20)
Exploration seismic and administration costs(14)(11)(28)(30)
Upstream capital investment including noncontrolling interest - Egypt$608 $705 $1,225 $1,471 
Less noncontrolling interest - Egypt(62)(57)(115)(113)
Total Upstream capital investment$546 $648 $1,110 $1,358 


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 the Quarter EndedFor the Six Months Ended
June 30,June 30,
2026202520262025
Net cash provided by operating activities$1,706 $1,181 $2,260 $2,277 
Changes in operating assets and liabilities(198)(200)439 (245)
Cash flows from operations before changes in operating assets and liabilities$1,508 $981 $2,699 $2,032 
Adjustments to free cash flow:
Upstream capital investment including noncontrolling interest - Egypt(608)(705)(1,225)(1,471)
Abandonment and decommissioning spend(55)(40)(80)(68)
Leasehold acquisition and other(8)(11)(15)(16)
Distributions to Sinopec noncontrolling interest(99)(91)(164)(217)
Free cash flow$738 $134 $1,215 $260 
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 the Quarter EndedFor the Six Months Ended
June 30,March 31,June 30,June 30,
20262026202520262025
Net cash provided by operating activities$1,706 $554 $1,181 $2,260 $2,277 
Adjustments:
Exploration seismic and administrative costs14 14 11 28 30 
Current income tax provision234 302 232 536 538 
Other adjustments to reconcile net income to net cash provided by operating activities15 (9)(5)6 (18)
Changes in operating assets and liabilities(198)637 (200)439 (245)
Financing costs, net (excludes gain on extinguishment of debt)54 57 69 111 154 
Transaction, reorganization & separation costs12 7 11 19 48 
Adjusted EBITDAX (Non-GAAP)$1,837 $1,562 $1,299 $3,399 $2,784 


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.

June 30,March 31,December 31,September 30,
2026202620252025
Current debt$2 $134 $213 $213 
Long-term debt3,741 4,280 4,280 4,275 
Total debt3,743 4,414 4,493 4,488 
Cash and cash equivalents444 293 516 475 
Net Debt$3,299 $4,121 $3,977 $4,013 
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.

For the Quarter EndedFor the Quarter Ended
June 30, 2026June 30, 2025
Before
Tax
AfterDilutedBefore
Tax
AfterDiluted
Tax
Impact
Tax
EPS
Tax
Impact
Tax
EPS
Net income including noncontrolling interests (GAAP)$1,277 $(450)$827 $2.34 $1,028 $(363)$665 $1.84 
Income attributable to noncontrolling interests145 (65)80 0.23 113 (51)62 0.17 
Net income attributable to common stock1,132 (385)747 2.11 915 (312)603 1.67 
Adjustments: *
Asset and unproved leasehold impairments1 — 1 0.01 — — — — 
Noncontrolling interest & tax barrel impact on Egypt adjustments1 (2)(1)— — — — — 
Valuation allowance and EPL revaluation— — — — — 30 30 0.09 
(Gain) loss on extinguishment of debt4 — 4 0.01 (3)1 (2)(0.01)
Unrealized derivative instrument gains(117)25 (92)(0.26)(136)30 (106)(0.29)
Transaction, reorganization & separation costs12 (3)9 0.02 11 (4)7 0.02 
(Gain) loss on divestitures, net2 (1)1 — (282)63 (219)(0.61)
Adjusted earnings (Non-GAAP)$1,035 $(366)$669$1.89 $505 $(192)$313 $0.87 
For the Six Months EndedFor the Six Months Ended
June 30, 2026June 30, 2025
Before
Tax
AfterDilutedBefore
Tax
AfterDiluted
Tax
Impact
Tax
EPS
Tax
Impact
Tax
EPS
Net income including noncontrolling interests (GAAP)$2,107 $(737)$1,370 $3.87 $1,791 $(708)$1,083 $2.99 
Income attributable to noncontrolling interests319 (142)177 0.50 242 (109)133 0.37 
Net income attributable to common stock1,788 (595)1,193 3.37 1,549 (599)950 2.62 
Adjustments: *
Asset and unproved leasehold impairments2 — 2 0.01 — — — — 
Noncontrolling interest & tax barrel impact on Egypt adjustments1 (2)(1)— — — — — 
Valuation allowance and EPL revaluation— — — — — 128 128 0.36 
(Gain) loss on extinguishment of debt4 — 4 0.01 (145)32 (113)(0.31)
Unrealized derivative instrument gains(70)15 (55)(0.16)(108)24 (84)(0.23)
Transaction, reorganization & separation costs19 (5)14 0.04 48 (13)35 0.10 
(Gain) loss on divestitures, net2 (1)1 — (280)62 (218)(0.61)
Adjusted Earnings (Non-GAAP)$1,746 $(588)$1,158 $3.27 $1,064 $(366)$698 $1.93 
*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

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