[8-K] APA Corp Reports Material Event

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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): February 25, 2026

APA CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

001-40144

86-1430562

(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 value

APA

Nasdaq Global Select Market

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 February 25, 2026, APA Corporation issued a press release announcing financial and operating results for the fiscal quarter and year ended December 31, 2025. 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 February 25, 2026.
104						Cover 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:			February 25, 2026			By:			/s/ Robert P. Rayphole
									Robert P. Rayphole
									Vice President, Chief Accounting Officer, and Controller
									(Principal Accounting Officer)

Exhibit 99.1

NEWS RELEASE

APA Corporation Announces Fourth-Quarter and Full-Year 2025

Financial and Operational Results

Fourth-quarter and full-year 2025 highlights

•Reported production of 460,000 barrels of oil equivalent (BOE) per day in the fourth quarter; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 387,000 BOE per day;

•Delivered U.S. oil production of 132,000 barrels per day in the fourth quarter, driven by improved run-time, incremental completion activity, and milder-than-normal weather; grew Egypt gross gas production by approximately 10% year-over-year;

•Completed comprehensive assessment of Permian inventory, validating approximately 10 years of economic inventory with substantial technical upside;

•In the fourth quarter, generated $808 million net cash provided by operating activities, $425 million of free cash flow and $1.2 billion of adjusted EBITDAX;

•For full-year 2025, delivered $4.5 billion net cash provided by operating activities, $1.0 billion of free cash flow and $5.4 billion of adjusted EBITDAX;

•Reduced total debt to less than $4.5 billion and net debt to less than $4 billion at year-end; returned $640 million to shareholders in 2025, representing more than 60% of free cash flow; and

•Achieved $350 million in run-rate controllable spend savings by year-end 2025, two years earlier than initially anticipated. Now targeting $450 million run-rate controllable spend savings by year-end 2026.

2026 outlook

•Planned total upstream capital of $2.1 billion, a 10% reduction compared to 2025; includes $230 million for GranMorgu development and $70 million for exploration in Suriname Block 58 and Alaska; and

•Total adjusted production expected to be 371,000 BOE per day; a year-over-year decline primarily driven by North Sea, U.S. gas volumes and asset sales.

HOUSTON, Feb. 25, 2026 – APA Corporation (Nasdaq: APA) today announced its financial and operational results for the fourth-quarter and full-year 2025.

During the fourth-quarter 2025, APA reported net income attributable to common stock of $279 million, or $0.79 per share on a fully diluted basis. When adjusted for certain items that impact the comparability of results, APA’s fourth-quarter earnings totaled $324 million or $0.91 on a diluted share basis.

Fourth-quarter reported production was 460,000 BOE per day and adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 387,000 BOE per day. U.S. oil production averaged 132,000 barrels per day in the quarter, reflecting incremental completion activity, improved run-time and milder-than-normal weather.

1

APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2025

FINANCIAL AND OPERATIONAL RESULTS — PAGE 2 of 5

In the fourth quarter, adjusted EBITDAX was $1.2 billion, free cash flow totaled $425 million and APA returned $154 million to shareholders through dividends and share repurchases.

For the full-year 2025, reported production averaged 464,000 BOE per day and adjusted production averaged 392,000 BOE per day. Further adjusted for non-core U.S. asset sales, full-year 2025 adjusted production averaged 386,000 BOE per day. 2025 adjusted EBITDAX was $5.4 billion, free cash flow totaled $1.0 billion, and APA returned $640 million through dividends and share repurchases. At year-end 2025, APA’s net debt was under $4.0 billion.

CEO commentary

“The progress we delivered in 2025 reflects a fundamental transformation of APA’s base business over the past several years. We have high-graded the portfolio, significantly reduced our cost structure, strengthened the balance sheet, and further advanced our exploration efforts, resulting in a more focused, resilient, and capital-efficient company,” said John J. Christmann IV, APA’s CEO.

Permian inventory update

The company completed a comprehensive assessment of its Permian inventory position, highlighting 10 years of economic inventory at its current cost structure and validating significant technical upside. “During the year, we conducted a thorough review of our Permian Basin inventory, incorporating our improved cost structure,” said Christmann. “This work confirmed the depth and quality of our drilling opportunities and validated substantial upside potential. It also increased our confidence in our ability to sustain oil production for the next decade while delivering competitive capital efficiency.”

2026 capital budget and outlook

APA plans to invest $2.1 billion in total upstream capital, a 10% reduction versus 2025, reflecting momentum from ongoing cost savings and lower Permian activity. This includes $230 million for the GranMorgu development and $70 million for exploration.

U.S. oil production is expected to average 120,000 to 122,000 barrels per day, a slight improvement from the preliminary outlook provided in November. Permian development capital is expected to be $1.2 billion, plus an additional investment of $100 million toward projects designed to sustainably reduce LOE over time.

APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2025

FINANCIAL AND OPERATIONAL RESULTS — PAGE 3 of 5

In Egypt, gross production is expected to slightly grow year-over-year, with gas production expected to grow 13% to 15%, reflecting an increasing shift to more gas-focused drilling activity. Adjusted production is expected to remain consistent at 72,000 BOE per day. These figures include impacts related to the recent withdrawal from a non-core concession outside of the Merged Concession Area.

“Turning to 2026, our strategic priorities are clear, and our capital plan is disciplined. We will sustain operational momentum, further reduce our cost structure, continue strengthening our balance sheet, and invest in the future through exploration,” concluded Christmann.

Year-end 2025 proved reserves

Worldwide estimated proved reserves grew 9% to 1,056 million BOE at year-end 2025, of which 734 million BOE were classified as proved developed.

Conference call

APA will host a conference call to discuss its fourth-quarter and full-year 2025 results at 10 a.m. Central time, Thursday, Feb. 26. The conference call will be webcast from APA’s website, 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.

APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2025

FINANCIAL AND OPERATIONAL RESULTS — PAGE 4 of 5

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.

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 sales, monetizations, and inventory quantity, life, and quality. 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, 2024, in our quarterly reports on Form 10-Q, and in APA’s Form 10-K for the year ended December 31, 2025, when filed, 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 FOURTH-QUARTER AND FULL-YEAR 2025

FINANCIAL AND OPERATIONAL RESULTS — PAGE 5 of 5

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, 2024, and APA’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025, when filed, 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

Media:  (713) 296-7276

Website: www.apacorp.com

APA-F

-end-

APA CORPORATION

STATEMENT OF CONSOLIDATED OPERATIONS

(Unaudited)

(In millions, except per share data)

			For the Quarter Ended												For the Year Ended
			December 31,												December 31,
			2025						2024						2025						2024
REVENUES AND OTHER:
Oil, natural gas, and natural gas liquids production revenues
Oil revenues			$	1,358					$	1,830					$	5,809					$	6,966
Natural gas revenues			161						170						770						584
Natural gas liquids revenues			149						189						650						646
			1,668						2,189						7,229						8,196
Purchased oil and gas sales			323						523						1,691						1,541
Total revenues			1,991						2,712						8,920						9,737
Derivative instrument gains (losses), net			(66)						7						(53)						(10)
Gain on divestitures, net			16						5						301						289
Gains (losses) on previously sold Gulf of America properties			60						(190)						60						(273)
Other, net			(23)						(32)						(8)						(6)
			1,978						2,502						9,220						9,737
OPERATING EXPENSES:
Lease operating expenses			354						474						1,504						1,690
Gathering, processing, and transmission			106						104						424						432
Purchased oil and gas costs			108						382						1,070						1,047
Taxes other than income			50						65						229						270
Exploration			36						65						131						313
General and administrative			91						102						350						372
Transaction, reorganization, and separation			36						12						102						168
Depreciation, depletion, and amortization:
Oil and gas property and equipment			559						646						2,275						2,235
Other assets			7						7						29						31
Asset retirement obligation accretion			40						36						158						148
Impairments			44						18						44						1,129
Financing costs, net			58						91						113						367
			1,489						2,002						6,429						8,202
NET INCOME BEFORE INCOME TAXES			489						500						2,791						1,535
Current income tax provision			101						308						739						1,153
Deferred income tax provision (benefit)			57						(233)						360						(736)
NET INCOME INCLUDING NONCONTROLLING INTERESTS			331						425						1,692						1,118
Net income attributable to noncontrolling interest			52						71						258						314
NET INCOME ATTRIBUTABLE TO COMMON STOCK			$	279					$	354					$	1,434					$	804
NET INCOME PER COMMON SHARE:
Basic			$	0.79					$	0.96					$	3.99					$	2.28
Diluted			$	0.79					$	0.96					$	3.99					$	2.27
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic			355						369						359						353
Diluted			355						369						359						353
DIVIDENDS DECLARED PER COMMON SHARE			$	0.25					$	0.25					$	1.00					$	1.00

Page 1

APA CORPORATION

PRODUCTION INFORMATION

			For the Quarter Ended																		% Change												For the Year Ended
			December 31,						September 30,						December 31,						4Q25 to 3Q25						4Q25 to 4Q24						December 31,						December 31,
			2025						2025						2024																		2025						2024
OIL VOLUME - Barrels per day
United States			132,001						121,225						147,573						9%						(11)%						125,526						128,531
Egypt (1,2)			88,952						89,493						89,927						(1)%						(1)%						87,719						89,027
North Sea			22,744						23,518						27,683						(3)%						(18)%						24,186						26,340
Total (1)			243,697						234,236						265,183						4%						(8)%						237,431						243,898
NATURAL GAS VOLUME - Mcf per day
United States			442,086						523,271						511,587						(16)%						(14)%						514,502						483,446
Egypt (1, 2)			365,216						374,236						300,118						(2)%						22%						350,774						291,011
North Sea			29,763						34,712						36,842						(14)%						(19)%						31,318						39,986
Total (1)			837,065						932,219						848,547						(10)%						-1%						896,594						814,443
NGL VOLUME - Barrels per day
United States			75,370						72,709						80,390						4%						(6)%						76,264						73,877
North Sea			1,190						1,501						1,311						(21)%						(9)%						1,256						1,201
Total (1)			76,560						74,210						81,701						3%						(6)%						77,520						75,078
BOE per day
United States			281,051						281,145						313,227						—%						(10)%						287,539						282,983
Egypt (1, 2)			149,821						151,866						139,947						(1)%						7%						146,182						137,529
North Sea			28,895						30,804						35,134						(6)%						(18)%						30,662						34,204
Total (1)			459,767						463,815						488,308						(1)%						(6)%						464,383						454,716
Total excluding noncontrolling interests			409,772						413,144						441,618						(1)%						(7)%						415,610						408,838

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

Oil (b/d)			29,683						29,860						30,002																		29,267						29,698
Gas (Mcf/d)			121,872						124,867						100,127																		117,035						97,078
BOE per day			49,995						50,671						46,690																		48,773						45,878

(2) Egypt Gross Production:

Oil (b/d)			125,262						124,944						134,504																		125,511						137,150
Gas (Mcf/d)			500,593						508,346						438,052																		486,462						443,551
BOE per day			208,694						209,668						207,513																		206,588						211,075

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																		% Change												For the Year Ended
			December 31,						September 30,						December 31,						4Q25 to 3Q25						4Q25 to 4Q24						December 31,						December 31,
			2025						2025						2024																		2025						2024
OIL VOLUME - Barrels per day
United States			132,001						121,225						147,573						9%						(11)%						125,526						128,531
Egypt			45,863						44,269						45,017						4%						2%						44,071						43,817
North Sea			22,744						23,518						27,683						(3)%						(18)%						24,186						26,340
Total			200,608						189,012						220,273						6%						(9)%						193,783						198,688
NATURAL GAS VOLUME - Mcf per day
United States			442,086						523,271						511,587						(16)%						(14)%						514,502						483,446
Egypt			187,859						184,642						149,816						2%						25%						175,908						142,363
North Sea			29,763						34,712						36,842						(14)%						(19)%						31,318						39,986
Total			659,708						742,625						698,245						(11)%						(6)%						721,728						665,795
NGL VOLUME - Barrels per day
United States			75,370						72,709						80,390						4%						(6)%						76,264						73,877
North Sea			1,190						1,501						1,311						(21)%						(9)%						1,256						1,201
Total			76,560						74,210						81,701						3%						(6)%						77,520						75,078
BOE per day
United States			281,051						281,145						313,227						—%						(10)%						287,539						282,983
Egypt			77,173						75,043						69,986						3%						10%						73,389						67,544
North Sea			28,895						30,804						35,134						(6)%						(18)%						30,662						34,204
Total			387,119						386,992						418,347						—%						(7)%						391,590						384,731

Page 3

APA CORPORATION

PRICE INFORMATION

						For the Quarter Ended																		For the Year Ended
						December 31,						September 30,						December 31,						December 31,						December 31,
						2025						2025						2024						2025						2024
AVERAGE OIL PRICE PER BARREL
United States						$	59.97					$	66.03					$	70.38					$	65.71					$	75.92
Egypt						62.11						68.63						74.54						67.97						80.41
North Sea						63.18						69.78						75.42						69.31						80.74
Total						61.03						67.43						72.42						66.92						78.08
AVERAGE NATURAL GAS PRICE PER MCF
United States						$	0.15					$	0.71					$	1.01					$	1.02					$	0.71
Egypt						3.89						3.75						2.97						3.59						2.94
North Sea						10.26						11.06						14.40						12.03						10.84
Total						2.10						2.25						2.20						2.36						1.97
AVERAGE NGL PRICE PER BARREL
United States						$	20.43					$	20.11					$	24.52					$	22.13					$	22.83
North Sea						40.64						40.42						50.65						43.59						47.59
Total						20.95						20.65						25.08						22.71						23.37

Page 4

APA CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

(In millions)

SUMMARY EXPLORATION EXPENSE INFORMATION
			For the Quarter Ended												For the Year Ended
			December 31,												December 31,
			2025						2024						2025						2024
Unproved leasehold impairments			$	2					$	24					$	2					$	35
Dry hole expense			20						29						67						201
Geological and geophysical expense			1						—						8						21
Exploration overhead and other			13						12						54						56
			$	36					$	65					$	131					$	313

SUMMARY STOCK-SETTLED AND CASH-SETTLED EQUITY COMPENSATION INFORMATION
			For the Quarter Ended																		For the Year Ended
			December 31,						September 30,						December 31,						December 31,
			2025						2025						2024						2025						2024
Stock-settled and cash-settled compensation expensed:
Lease operating expenses			$	5					$	11					$	1					$	26					$	16
Exploration			1						3						1						7						4
General and administrative			12						37						11						74						29
Total stock-settled and cash-settled compensation expensed			18						51						13						107						49
Stock-settled and cash-settled compensation capitalized			3						6						1						15						9
Total stock-settled and cash-settled compensation costs			$	21					$	57					$	14					$	122					$	58

Page 5

APA CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

(In millions)

SUMMARY CASH FLOW INFORMATION
			For the Quarter Ended												For the Year Ended
			December 31,												December 31,
			2025						2024						2025						2024
Net cash provided by operating activities			$	808					$	1,036					$	4,545					$	3,620
Additions to oil and gas property			(584)						(698)						(2,740)						(2,851)
Leasehold and property acquisitions			(6)						4						(26)						(60)
Proceeds from asset divestitures			21						885						611						1,609
Proceeds from sale of Kinetik shares			—						—						—						428
Other, net			(3)						(108)						2						(50)
Net cash provided by (used in) investing activities			$	(572)					$	83					$	(2,153)					$	(924)
Payments on commercial paper and revolving credit facilities, net			—						(230)						(333)						(40)
Proceeds from term loan facility			—						—						—						1,500
Payments on term loan facility			—						(100)						(900)						(600)
Payment on Callon Credit Agreement			—						—						—						(472)
Fixed-rate debt borrowings			—						—						846						—
Payments on fixed-rate debt			—						—						(1,016)						(1,641)
Distributions to noncontrolling interest			(40)						(35)						(430)						(268)
Treasury stock activity, net			(65)						(100)						(280)						(246)
Dividends paid to APA common stockholders			(89)						(93)						(360)						(353)
Other, net			(1)						—						(28)						(38)
Net cash used in financing activities			$	(195)					$	(558)					$	(2,501)					$	(2,158)

SUMMARY BALANCE SHEET INFORMATION
			December 31,						December 31,
			2025						2024
Cash and cash equivalents			$	516					$	625
Other current assets			1,605						2,779
Property and equipment, net			12,748						12,646
Decommissioning security for sold Gulf of America properties			21						21
Other assets			2,871						3,319
Total assets			$	17,761					$	19,390
Current debt			$	213					$	53
Current liabilities			2,358						2,902
Long-term debt			4,280						5,991
Decommissioning contingency for sold Gulf of America properties			782						929
Deferred credits and other noncurrent liabilities			3,125						3,153
APA shareholders’ equity			6,093						5,280
Noncontrolling interest			910						1,082
Total Liabilities and equity			$	17,761					$	19,390
Common shares outstanding at end of period			353						365

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 Ended												For the Year Ended
			December 31,												December 31,
			2025						2024						2025						2024
Costs incurred in oil and gas property:
Asset and leasehold acquisitions			$	7					$	10					$	33					$	4,564
Exploration and development			647						752						2,824						3,298
Total Costs incurred in oil and gas property			$	654					$	762					$	2,857					$	7,862
Reconciliation of Costs incurred to Upstream capital investment:
Total Costs incurred in oil and gas property			$	654					$	762					$	2,857					$	7,862
Asset and leasehold acquisitions			(7)						(10)						(33)						(4,564)
Asset retirement obligations incurred - oil and gas property			(117)						(106)						(135)						(316)
Capitalized interest			(13)						(7)						(45)						(29)
Exploration seismic and administration costs			(14)						(12)						(62)						(77)
Upstream capital investment including noncontrolling interest - Egypt			$	503					$	627					$	2,582					$	2,876
Less noncontrolling interest - Egypt			(69)						(59)						(248)						(253)
Total Upstream capital investment			$	434					$	568					$	2,334					$	2,623

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 Ended												For the Year Ended
			December 31,												December 31,
			2025						2024						2025						2024
Net cash provided by operating activities			$	808					$	1,036					$	4,545					$	3,620
Changes in operating assets and liabilities			224						107						(292)						535
Cash flows from operations before changes in operating assets and liabilities			$	1,032					$	1,143					$	4,253					$	4,155
Adjustments to free cash flow:
Upstream capital investment including noncontrolling interest - Egypt			(503)						(627)						(2,582)						(2,876)
Abandonment and decommissioning spend			(54)						(49)						(176)						(135)
Leasehold acquisition and other			(10)						(12)						(41)						(35)
Distributions to Sinopec noncontrolling interest			(40)						(35)						(430)						(268)
Free cash flow			$	425					$	420					$	1,024					$	841

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 Ended																		For the Year Ended
			December 31,						September 30,						December 31,						December 31,
			2025						2025						2024						2025						2024
Net cash provided by operating activities			$	808					$	1,460					$	1,036					$	4,545					$	3,620
Adjustments:
Exploration seismic and administrative costs			14						18						12						62						77
Current income tax provision			101						100						308						739						1,153
Other adjustments to reconcile net income to net cash provided by operating activities			(11)						(28)						(16)						(57)						(2)
Changes in operating assets and liabilities			224						(271)						107						(292)						535
Financing costs, net (excludes gain on extinguishment of debt)			58						48						91						260						367
Transaction, reorganization & separation costs			36						18						12						102						168
Adjusted EBITDAX (Non-GAAP)			$	1,230					$	1,345					$	1,550					$	5,359					$	5,918

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.

			December 31,						September 30,						June 30,						March 31,
			2025						2025						2025						2025
Current debt			$	213					$	213					$	263					$	131
Long-term debt			4,280						4,275						4,288						5,237
Total debt			4,493						4,488						4,551						5,368
Cash and cash equivalents			516						475						107						67
Net Debt			$	3,977					$	4,013					$	4,444					$	5,301

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 Ended																								For the Quarter Ended
			December 31, 2025																								December 31, 2024
			Before						Tax						After						Diluted						Before						Tax						After						Diluted
			Tax						Impact						Tax						EPS						Tax						Impact						Tax						EPS
Net income including noncontrolling interests (GAAP)			$	489					$	(158)					$	331					$	0.94					$	500					$	(75)					$	425					$	1.15
Income attributable to noncontrolling interests			100						(48)						52						0.15						129						(58)						71						0.19
Net income attributable to common stock			389						(110)						279						0.79						371						(17)						354						0.96
Adjustments: *
Asset and unproved leasehold impairments			46						(10)						36						0.10						42						(16)						26						0.07
Noncontrolling interest & tax barrel impact on Egypt adjustments			(6)						—						(6)						(0.02)						—						—						—						—
Valuation allowance and EPL revaluation			—						31						31						0.09						—						(11)						(11)						(0.03)
Other tax adjustments			—						—						—						—						—						(224)						(224)						(0.61)
Unrealized derivative instrument (gains) losses			37						(8)						29						0.08						(10)						2						(8)						(0.02)
(Gains) losses on previously sold Gulf of America properties			(60)						13						(47)						(0.13)						190						(42)						148						0.40
Transaction, reorganization & separation costs			36						(22)						14						0.04						12						(3)						9						0.03
Gain on divestitures, net			(16)						4						(12)						(0.04)						(5)						1						(4)						(0.01)
Adjusted earnings (Non-GAAP)			$	426					$	(102)					$	324					$	0.91					$	600					$	(310)					$	290					$	0.79
			For the Year Ended																								For the Year Ended
			December 31, 2025																								December 31, 2024
			Before						Tax						After						Diluted						Before						Tax						After						Diluted
			Tax						Impact						Tax						EPS						Tax						Impact						Tax						EPS
Net income including noncontrolling interests (GAAP)			$	2,791					$	(1,099)					$	1,692					$	4.71					$	1,535					$	(417)					$	1,118					$	3.16
Income attributable to noncontrolling interests			475						(217)						258						0.72						570						(256)						314						0.89
Net income attributable to common stock			2,316						(882)						1,434						3.99						965						(161)						804						2.27
Adjustments: *
Asset and unproved leasehold impairments			46						(10)						36						0.10						1,164						(558)						606						1.71
Noncontrolling interest & tax barrel impact on Egypt adjustments			(6)						—						(6)						(0.02)						—						—						—						—
Valuation allowance and EPL revaluation			—						162						162						0.45						—						5						5						0.02
Other tax adjustments			—						—						—						—						—						(224)						(224)						(0.63)
Gain on extinguishment of debt			(147)						32						(115)						(0.32)						—						—						—						—
Unrealized derivative instrument losses			77						(17)						60						0.17						8						(2)						6						0.02
(Gains) losses on previously sold Gulf of America properties			(60)						13						(47)						(0.13)						273						(60)						213						0.60
Kinetik equity investment mark-to-market loss			—						—						—						—						9						—						9						0.03
Transaction, reorganization & separation costs			102						(38)						64						0.18						168						(30)						138						0.39
Gain on divestitures, net			(301)						67						(234)						(0.65)						(289)						63						(226)						(0.64)
Adjusted Earnings (Non-GAAP)			$	2,027					$	(673)					$	1,354					$	3.77					$	2,298					$	(967)					$	1,331					$	3.77

*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

APA CORPORATION

OIL & GAS RESERVES INFORMATION

For the Year Ended December 31, 2025

OIL (Mbbl)
			U.S.						Egypt (1)						North Sea						Suriname						Total (1)
Balance - Dec 31, 2024			292,027						103,611						30,436						73,637						499,711
Extensions and Discoveries			39,804						17,646						—						—						57,450
Purchases			—						—						—						—						—
Revisions			24,942						20,088						528						152						45,710
Production			(45,817)						(32,017)						(8,828)						—						(86,662)
Sales			(7,577)						—						—						—						(7,577)
Balance - Dec 31, 2025			303,379						109,328						22,136						73,789						508,632
NGL’s (Mbbl)
			U.S.						Egypt (1)						North Sea						Suriname						Total (1)
Balance - Dec 31, 2024			208,197						—						744						—						208,941
Extensions and Discoveries			16,232						—						—						—						16,232
Purchases			—						—						—						—						—
Revisions			47,852						—						614						—						48,466
Production			(27,836)						—						(459)						—						(28,295)
Sales			(5,317)						—						—						—						(5,317)
Balance - Dec 31, 2025			239,128						—						899						—						240,027
GAS (MMcf)
			U.S.						Egypt (1)						North Sea						Suriname						Total (1)
Balance - Dec 31, 2024			1,174,235						360,404						28,028						—						1,562,667
Extensions and Discoveries			95,264						65,514						—						—						160,778
Purchases			—						—						—						—						—
Revisions			386,166						101,230						(3,856)						—						483,540
Production			(187,793)						(128,033)						(11,431)						—						(327,257)
Sales			(34,377)						—						—						—						(34,377)
Balance - Dec 31, 2025			1,433,495						399,115						12,741						—						1,845,351
TOTAL BOE (Mboe)
			U.S.						Egypt (1)						North Sea						Suriname						Total (1)
Balance - Dec 31, 2024			695,930						163,678						35,852						73,637						969,097
Extensions and Discoveries			71,913						28,565						—						—						100,478
Purchases			—						—						—						—						—
Revisions			137,155						36,960						499						152						174,766
Production			(104,952)						(53,356)						(11,192)						—						(169,500)
Sales			(18,624)						—						—						—						(18,624)
Balance - Dec 31, 2025			781,422						175,847						25,159						73,789						1,056,217
Proved developed reserves:
Oil (Mbbls)			182,300						101,750						22,136						—						306,186
NGL’s (Mbbls)			180,690						—						899						—						181,589
Gas (Mboe)			182,565						61,889						2,124						—						246,578
Balance - Dec 31, 2025 (Mboe)			545,555						163,639						25,159						—						734,353

(1) Includes reserves attributable to noncontrolling interest in Egypt.

Page 10

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 692.7 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.1 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB