APA Corp Q3 2026 profit rises to $698M from $205M
APA raised its 2026 free-cash-flow outlook to approximately $2.9 billion and set a preliminary $2.5 billion upstream budget for 2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
APA Corporation (APA) reported third-quarter 2026 revenue of $2.769 billion, compared with $2.115 billion a year earlier, and net income attributable to common stock of $698 million versus $205 million. Adjusted earnings were $676 million, or $1.94 per diluted share; diluted GAAP earnings were $2.00 per share.
Production averaged 450,276 BOE per day; adjusted production was 380,568 BOE per day. U.S. oil production averaged 128,371 barrels per day, 4,000 above guidance. Operating cash flow was $1.376 billion versus $1.460 billion a year earlier, while free cash flow was $699 million versus $339 million. APA returned $537 million to shareholders, including $450 million in share repurchases, and repaid $451 million of debt during the quarter.
APA increased its 2026 free-cash-flow outlook to approximately $2.9 billion at current strip prices and set a preliminary 2027 upstream capital investment budget of $2.5 billion. Net debt was $3.220 billion at quarter-end; total debt had declined $2.8 billion since year-end 2024. APA reiterated $500 million in run-rate cost savings by year-end 2026 and updated its net debt target to $2 billion.
3 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue: $2.769 billion, versus $2.115 billion in 2025.
- Moderate pointNet income attributable to common stock: $698 million, versus $205 million.
- Moderate pointFree cash flow: $699 million, versus $339 million.
Negative
- Minor pointOperating cash flow: $1.376 billion, versus $1.460 billion in 2025.
Filing Explained
The filing adds a holder-level measure: APA reported 17.8 million shares repurchased year to date through October.
8-K Event Classification
2 items: 2.02, 9.01
2 items
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, or exhibit attachments filed with this report.
Key Figures
Total revenue: $2.769 billion
Net income attributable to common stock: $698 million
Diluted earnings per share: $2.00 per share
+4 more
7 metrics
Total revenue
$2.769 billion
Third quarter 2026; $2.115 billion in third quarter 2025
Net income attributable to common stock
$698 million
Third quarter 2026; $205 million in third quarter 2025
Diluted earnings per share
$2.00 per share
Third quarter 2026; $0.57 per share in third quarter 2025
Adjusted earnings
$676 million
Non-GAAP; third quarter 2026, compared with $332 million in third quarter 2025
Net cash provided by operating activities
$1.376 billion
Third quarter 2026; $1.460 billion in third quarter 2025
Free cash flow
$699 million
Non-GAAP; third quarter 2026, compared with $339 million in third quarter 2025
Adjusted EBITDAX
$1.857 billion
Non-GAAP; third quarter 2026, compared with $1.345 billion in third quarter 2025
Key Terms
Adjusted EBITDAX, Free cash flow, Net debt, production sharing contract, +1 more
5 terms
Adjusted EBITDAX financial
"adjusted EBITDAX was $1.86 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.
Free cash flow financial
"Free cash flow totaled $699 million"
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.
Net debt financial
"Net debt was $3.2 billion at the end of the third quarter"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
production sharing contract technical
"production sharing contract impacts associated with higher Brent prices"
A production sharing contract is an agreement where a government lets a company explore for and produce oil or gas on its territory, and the physical output is divided between the company and the government according to a preset formula. The company is typically allowed to take a portion of the production to recover its costs, with the remaining “profit” share split afterward—like one neighbor planting and tending a field and then dividing the harvest. Investors care because the split and cost-recovery rules determine how much cash and risk the company will actually keep from a project, directly affecting revenues, profitability and project valuation.
turn-in-lines technical
"timing of turn-in-lines during the year"
Earnings Snapshot
Total revenue: $2.769 billion · Guidance included
Third quarter 2026
Total revenue
$2.769 billion
Compared with $2.115 billion in third quarter 2025
Net income attributable to common stock
$698 million
Compared with $205 million in third quarter 2025
Diluted earnings per share
$2.00 per share
Compared with $0.57 per share in third quarter 2025
Free cash flow
$699 million
Compared with $339 million in third quarter 2025
Guidance
At current strip prices, APA expects approximately $2.9 billion of free cash flow in 2026, an increase of $600 million from its August update. APA expects to return at least 60% of 2026 free cash flow to shareholders and set a preliminary 2027 upstream capital investment budget of $2.5 billion.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What revenue and earnings did APA (APA) report for Q3 2026?
APA reported $2.769 billion in total revenue and $698 million of net income attributable to common stock. Revenue was $2.115 billion and common-stock net income was $205 million in third-quarter 2025. Adjusted earnings were $676 million, or $1.94 per diluted share.
What is APA's 2026 free cash flow outlook?
At current strip prices, APA expects approximately $2.9 billion of free cash flow in 2026, an increase of $600 million from its August update. APA expects to return at least 60% of 2026 free cash flow to shareholders.
What is APA's full-year 2026 U.S. oil production outlook?
APA expects full-year U.S. oil production of 124,000 barrels per day, above its initial guidance of 120,000 to 122,000 barrels per day.
What is APA's preliminary upstream capital budget for 2027?
APA's preliminary 2027 upstream capital investment budget is $2.5 billion. Exploration and GranMorgu development represent approximately 60% of the $400 million year-over-year increase; the balance reflects increased Permian activity and expected service cost inflation.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 4, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(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:
Securities registered pursuant to Section 12(b) of the Act:
Trading | Name of each exchange | ||||||||||||||||
Title of each class | Symbol(s) | on which registered | |||||||||||||||
| 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. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 4, 2026, APA Corporation issued a press release announcing financial and operating results for the fiscal quarter ended September 30, 2026. The full text of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
The information included herein and in Exhibit 99.1 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of Section 18, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
| Exhibit No. | Description | ||||||||||
| 99.1 | Press Release of APA Corporation dated November 4, 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: | November 4, 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 third-quarter 2026
financial and operational results
Third-quarter 2026 highlights
•Reported production of approximately 450,000 barrels of oil equivalent (BOE) per day; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 381,000 BOE per day and exceeded guidance;
•Delivered U.S. oil production of 128,000 barrels of oil per day, 4,000 barrels above guidance through high uptime, earlier turn-in-lines and robust new well performance;
•Generated $1.38 billion of net cash provided by operating activities, $699 million of free cash flow, and $1.86 billion of adjusted EBITDAX;
•Returned $537 million to shareholders including $450 million of share repurchases;
•Repaid $451 million of debt maturities in the third quarter; total debt has declined by $2.8 billion since year-end 2024, lowering annualized interest expense by more than $180 million;
•Reiterated $500 million run-rate cost savings across capital, lease operating expense and G&A by year-end 2026;
•Increased full-year 2026 free cash flow outlook to approximately $2.9 billion, reflecting stronger operating performance and higher commodity prices;
•Lowered net debt target to $2 billion, reinforcing commitment to a strong balance sheet; and
•Established preliminary capital budget of $2.5 billion for 2027; exploration capital and GranMorgu development to account for approximately 60% of the year-over-year increase.
HOUSTON, Nov. 4, 2026 – APA Corporation (Nasdaq: APA) today announced its financial and operational results for the third quarter of 2026. APA reported net income attributable to common stock of $698 million, or $2.00 per diluted share. When adjusted for certain items that impact the comparability of results, APA’s third-quarter earnings totaled $676 million, or $1.94 per diluted share.
1
APA CORPORATION ANNOUNCES THIRD-QUARTER 2026
FINANCIAL AND OPERATIONAL RESULTS — PAGE 2 of 6
Third-quarter summary
Third-quarter reported production was 450,000 BOE per day, and adjusted production was 381,000 BOE per day, both exceeding guidance. U.S. oil production averaged 128,000 barrels per day, 4,000 barrels per day above guidance, reflecting high uptime, earlier turn-in-lines and robust new well performance in the Permian Basin.
In Egypt, gross production averaged 206,000 BOE per day, relatively flat with the second quarter. Gross gas production increased to 542 million cubic feet (MMCF) per day, exceeding guidance through strong well performance and more resilient base production. Average gas realizations increased to $4.34 per Mcf from $4.23 in the second quarter. Adjusted production averaged 64,000 BOE per day, slightly lower than guidance primarily due to production sharing contract impacts associated with higher Brent prices.
Net cash provided by operating activities was $1.38 billion, and adjusted EBITDAX was $1.86 billion. Upstream capital investment was $466 million, approximately $30 million below guidance, primarily reflecting timing impacts of GranMorgu capital spending that shifted into the fourth quarter; lease operating expense was $418 million. Free cash flow totaled $699 million, bringing year-to-date free cash flow to $1.91 billion.
Balance sheet and shareholder returns
APA has repaid $1.2 billion of debt maturities year-to-date, including $451 million in the third quarter. The company has reduced total debt by $2.8 billion since year-end 2024, lowering annualized interest expense by more than $180 million; these savings are incremental to the company’s controllable spend reduction program. Net debt was $3.2 billion at the end of the third quarter.
APA returned $537 million to shareholders through dividends and share repurchases during the third quarter. Through October, the company repurchased an additional 4.5 million shares at an average price of $47.32 per share, bringing total year-to-date repurchases to 17.8 million shares. Consistent with its established capital returns framework, APA expects to return at least 60% of 2026 free cash flow to shareholders while continuing to strengthen its balance sheet.
At current strip prices APA expects to reach its $3 billion net debt target by year-end. Building on this progress, the company has updated its net debt target to $2 billion. Continued debt reduction will lower financing costs and enhance financial flexibility.
CEO commentary
“We are delivering another strong year, with our third-quarter results reflecting the quality of our assets and consistent execution across the business,” said John J. Christmann IV, APA’s CEO. “Our teams are raising the standard for performance, operating more efficiently, and translating those gains into substantial cash flow. This quarter alone, we generated nearly $700 million in free cash flow, returned more than $500 million to shareholders and reduced total debt by more than $450 million.”
APA CORPORATION ANNOUNCES THIRD-QUARTER 2026
FINANCIAL AND OPERATIONAL RESULTS — PAGE 3 of 6
Fourth quarter and full-year outlook
Continued drilling and completion efficiency gains in the Permian are improving capital productivity and supporting an increase in full-year U.S. oil production to 124,000 barrels per day, above the company’s initial guidance of 120,000 to 122,000 barrels per day. Faster drilling cycle times are also enabling APA to accelerate completion activity into the fourth quarter, increasing 2026 Permian capital investment by $30 million and supporting a smoother production profile entering 2027. Fourth-quarter U.S. oil production is expected to moderate with the timing of turn-in-lines during the year and seasonal weather impacts.
In Egypt, gross BOE production is expected to increase slightly for the fourth quarter and full year.
Fourth-quarter upstream capital investment is expected to be approximately $525 million reflecting timing shifts in Suriname and increased Permian activity.
Full-year abandonment and decommissioning expenditures are now expected to total $285 million, a $15 million reduction from prior guidance. Lease operating expense guidance has been increased $25 million to $1,525 million to reflect higher stock-based compensation expense allocated to LOE.
At current strip prices, APA expects to generate approximately $2.9 billion of free cash flow in 2026, an increase of $600 million from its August update. The stronger free cash flow outlook supports substantial fourth-quarter share repurchases alongside continued debt reduction.
Preliminary 2027 outlook
APA’s preliminary budget for 2027 upstream capital investment is $2.5 billion. Exploration and GranMorgu development represent approximately 60% of the $400 million year-over-year increase, with the balance reflecting increased Permian activity and expected service cost inflation. This investment program is expected to result in similar U.S. and Egypt production year-over-year.
CEO closing commentary
“We will enter 2027 well positioned, with a strong core business and significant opportunities ahead. Our Permian and Egypt assets provide a reliable production and cash flow base, while GranMorgu continues to progress toward first oil in mid-2028. Our diversified portfolio, strengthened balance sheet, and the capital carry in Suriname provide APA with a distinct financial advantage. We have the capacity to advance high-impact exploration opportunities, further reduce debt, and deliver substantial shareholder returns,” Christmann concluded.
APA CORPORATION ANNOUNCES THIRD-QUARTER 2026
FINANCIAL AND OPERATIONAL RESULTS — PAGE 4 of 6
Conference call
APA will host a conference call to discuss its third-quarter 2026 results at 10 a.m. Central time, Thursday, Nov. 5. 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 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 THIRD-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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “guidance,” “intends,” “may,” “might,” “outlook,” “plans,” “possible,” “potential,” “predict,” “projects,” “prospects,” “seeks,” “should,” “target,” “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, beliefs, and objectives, including statements about our capital plans and budget, drilling and development plans (including activities in Alaska, Uruguay, and Suriname), production expectations, asset acquisitions (including the pending Savant acquisition and the expected closing thereof and benefits therefrom), debt reduction targets, capital returns (including the target to return at least 60% of free cash flow to shareholders), and tax, 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 Dec. 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 THIRD-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 Ended | For the Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
REVENUES AND OTHER: | |||||||||||||||||||||||
| Oil, natural gas, and natural gas liquids production revenues | |||||||||||||||||||||||
| Oil revenues | $ | 1,934 | $ | 1,470 | $ | 5,404 | $ | 4,451 | |||||||||||||||
| Natural gas revenues | 236 | 192 | 434 | 609 | |||||||||||||||||||
| Natural gas liquids revenues | 190 | 142 | 501 | 501 | |||||||||||||||||||
| 2,360 | 1,804 | 6,339 | 5,561 | ||||||||||||||||||||
| Purchased oil and gas sales | 409 | 311 | 1,130 | 1,368 | |||||||||||||||||||
| Total revenues | 2,769 | 2,115 | 7,469 | 6,929 | |||||||||||||||||||
| Derivative instrument gains (losses), net | 30 | (97) | (75) | 13 | |||||||||||||||||||
| Gain on divestitures, net | 7 | 5 | 5 | 285 | |||||||||||||||||||
| Other, net | 6 | (5) | 27 | 15 | |||||||||||||||||||
| 2,812 | 2,018 | 7,426 | 7,242 | ||||||||||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||||||||
| Lease operating expenses | 418 | 376 | 1,133 | 1,150 | |||||||||||||||||||
| Gathering, processing, and transmission | 104 | 110 | 282 | 318 | |||||||||||||||||||
| Purchased oil and gas costs | 226 | 184 | 179 | 962 | |||||||||||||||||||
| Taxes other than income | 66 | 51 | 184 | 179 | |||||||||||||||||||
| Exploration | 51 | 22 | 135 | 95 | |||||||||||||||||||
| General and administrative | 112 | 95 | 295 | 259 | |||||||||||||||||||
| Transaction, reorganization, and separation | 1 | 18 | 20 | 66 | |||||||||||||||||||
| Depreciation, depletion, and amortization: | |||||||||||||||||||||||
| Oil and gas property and equipment | 549 | 557 | 1,592 | 1,716 | |||||||||||||||||||
| Other assets | 7 | 8 | 21 | 22 | |||||||||||||||||||
| Asset retirement obligation accretion | 43 | 40 | 128 | 118 | |||||||||||||||||||
| Financing costs, net | 35 | 46 | 150 | 55 | |||||||||||||||||||
| 1,612 | 1,507 | 4,119 | 4,940 | ||||||||||||||||||||
| NET INCOME BEFORE INCOME TAXES | 1,200 | 511 | 3,307 | 2,302 | |||||||||||||||||||
| Current income tax provision | 338 | 100 | 874 | 638 | |||||||||||||||||||
| Deferred income tax provision | 68 | 133 | 269 | 303 | |||||||||||||||||||
| NET INCOME INCLUDING NONCONTROLLING INTERESTS | 794 | 278 | 2,164 | 1,361 | |||||||||||||||||||
| Net income attributable to noncontrolling interest | 96 | 73 | 273 | 206 | |||||||||||||||||||
| NET INCOME ATTRIBUTABLE TO COMMON STOCK | $ | 698 | $ | 205 | $ | 1,891 | $ | 1,155 | |||||||||||||||
| NET INCOME PER COMMON SHARE: | |||||||||||||||||||||||
| Basic | $ | 2.01 | $ | 0.57 | $ | 5.38 | $ | 3.20 | |||||||||||||||
| Diluted | $ | 2.00 | $ | 0.57 | $ | 5.36 | $ | 3.20 | |||||||||||||||
| WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||||||||||||||||||||||
| Basic | 348 | 357 | 352 | 361 | |||||||||||||||||||
| Diluted | 350 | 358 | 353 | 361 | |||||||||||||||||||
| DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.25 | $ | 0.25 | $ | 0.75 | $ | 0.75 | |||||||||||||||
Page 1
APA CORPORATION
PRODUCTION INFORMATION
| For the Quarter Ended | % Change | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||
| September 30, | June 30, | September 30, | 3Q26 to 2Q26 | 3Q26 to 3Q25 | September 30, | September 30, | |||||||||||||||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
OIL VOLUME - Barrels per day | |||||||||||||||||||||||||||||||||||||||||
| United States | 128,371 | 123,455 | 121,225 | 4% | 6% | 125,258 | 123,343 | ||||||||||||||||||||||||||||||||||
Egypt (1,2) | 74,697 | 70,139 | 89,493 | 6% | (17)% | 77,147 | 87,304 | ||||||||||||||||||||||||||||||||||
| North Sea | 17,815 | 17,676 | 23,518 | 1% | (24)% | 18,929 | 24,672 | ||||||||||||||||||||||||||||||||||
Total (1) | 220,883 | 211,270 | 234,236 | 5% | (6)% | 221,334 | 235,319 | ||||||||||||||||||||||||||||||||||
| NATURAL GAS VOLUME - Mcf per day | |||||||||||||||||||||||||||||||||||||||||
| United States | 521,465 | 403,474 | 523,271 | 29% | —% | 446,698 | 538,906 | ||||||||||||||||||||||||||||||||||
Egypt (1, 2) | 353,477 | 327,286 | 374,236 | 8% | (6)% | 353,954 | 345,907 | ||||||||||||||||||||||||||||||||||
| North Sea | 22,898 | 21,365 | 34,712 | 7% | (34)% | 24,414 | 31,842 | ||||||||||||||||||||||||||||||||||
Total (1) | 897,840 | 752,125 | 932,219 | 19% | (4)% | 825,066 | 916,655 | ||||||||||||||||||||||||||||||||||
| NGL VOLUME - Barrels per day | |||||||||||||||||||||||||||||||||||||||||
| United States | 78,986 | 72,487 | 72,709 | 9% | 9% | 74,459 | 76,565 | ||||||||||||||||||||||||||||||||||
| North Sea | 767 | 848 | 1,501 | (10)% | (49)% | 921 | 1,278 | ||||||||||||||||||||||||||||||||||
Total (1) | 79,753 | 73,335 | 74,210 | 9% | 7% | 75,380 | 77,843 | ||||||||||||||||||||||||||||||||||
| BOE per day | |||||||||||||||||||||||||||||||||||||||||
| United States | 294,268 | 263,187 | 281,145 | 12% | 5% | 274,166 | 289,726 | ||||||||||||||||||||||||||||||||||
Egypt (1, 2) | 133,610 | 124,687 | 151,866 | 7% | (12)% | 136,139 | 144,955 | ||||||||||||||||||||||||||||||||||
| North Sea | 22,398 | 22,085 | 30,804 | 1% | (27)% | 23,919 | 31,257 | ||||||||||||||||||||||||||||||||||
Total (1) | 450,276 | 409,959 | 463,815 | 10% | (3)% | 434,224 | 465,938 | ||||||||||||||||||||||||||||||||||
| Total excluding noncontrolling interests | 405,728 | 368,385 | 413,144 | 10% | (2)% | 388,831 | 417,577 | ||||||||||||||||||||||||||||||||||
(1) Includes net production volumes attributed to our noncontrolling partner in Egypt below:
| Oil (b/d) | 24,905 | 23,386 | 29,860 | 25,723 | 29,127 | ||||||||||||||||||||||||||||||||||||
| Gas (Mcf/d) | 117,856 | 109,125 | 124,867 | 118,018 | 115,405 | ||||||||||||||||||||||||||||||||||||
| BOE per day | 44,548 | 41,574 | 50,671 | 45,393 | 48,361 | ||||||||||||||||||||||||||||||||||||
(2) Egypt Gross Production:
| Oil (b/d) | 116,093 | 117,056 | 124,944 | 118,187 | 125,595 | ||||||||||||||||||||||||||||||||||||
| Gas (Mcf/d) | 541,812 | 538,925 | 508,346 | 532,876 | 481,700 | ||||||||||||||||||||||||||||||||||||
| BOE per day | 206,395 | 206,877 | 209,668 | 207,000 | 205,878 | ||||||||||||||||||||||||||||||||||||
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 Nine Months Ended | |||||||||||||||||||||||||||||||||||||||
| September 30, | June 30, | September 30, | 3Q26 to 2Q26 | 3Q26 to 3Q25 | September 30, | September 30, | |||||||||||||||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
OIL VOLUME - Barrels per day | |||||||||||||||||||||||||||||||||||||||||
| United States | 128,371 | 123,455 | 121,225 | 4% | 6% | 125,258 | 123,343 | ||||||||||||||||||||||||||||||||||
| Egypt | 35,833 | 34,555 | 44,269 | 4% | (19)% | 37,194 | 43,468 | ||||||||||||||||||||||||||||||||||
| North Sea | 17,815 | 17,676 | 23,518 | 1% | (24)% | 18,929 | 24,672 | ||||||||||||||||||||||||||||||||||
| Total | 182,019 | 175,686 | 189,012 | 4% | (4)% | 181,381 | 191,483 | ||||||||||||||||||||||||||||||||||
| NATURAL GAS VOLUME - Mcf per day | |||||||||||||||||||||||||||||||||||||||||
| United States | 521,465 | 403,474 | 523,271 | 29% | —% | 446,698 | 538,906 | ||||||||||||||||||||||||||||||||||
| Egypt | 168,416 | 161,168 | 184,642 | 4% | (9)% | 170,100 | 171,881 | ||||||||||||||||||||||||||||||||||
| North Sea | 22,898 | 21,365 | 34,712 | 7% | (34)% | 24,414 | 31,842 | ||||||||||||||||||||||||||||||||||
| Total | 712,779 | 586,007 | 742,625 | 22% | (4)% | 641,212 | 742,629 | ||||||||||||||||||||||||||||||||||
| NGL VOLUME - Barrels per day | |||||||||||||||||||||||||||||||||||||||||
| United States | 78,986 | 72,487 | 72,709 | 9% | 9% | 74,459 | 76,565 | ||||||||||||||||||||||||||||||||||
| North Sea | 767 | 848 | 1,501 | (10)% | (49)% | 921 | 1,278 | ||||||||||||||||||||||||||||||||||
| Total | 79,753 | 73,335 | 74,210 | 9% | 7% | 75,380 | 77,843 | ||||||||||||||||||||||||||||||||||
| BOE per day | |||||||||||||||||||||||||||||||||||||||||
| United States | 294,268 | 263,187 | 281,145 | 12% | 5% | 274,166 | 289,726 | ||||||||||||||||||||||||||||||||||
| Egypt | 63,902 | 61,416 | 75,043 | 4% | (15)% | 65,544 | 72,114 | ||||||||||||||||||||||||||||||||||
| North Sea | 22,398 | 22,085 | 30,804 | 1% | (27)% | 23,919 | 31,257 | ||||||||||||||||||||||||||||||||||
| Total | 380,568 | 346,688 | 386,992 | 10% | (2)% | 363,629 | 393,097 | ||||||||||||||||||||||||||||||||||
Page 3
APA CORPORATION
PRICE INFORMATION
| For the Quarter Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||
AVERAGE OIL PRICE PER BARREL | ||||||||||||||||||||||||||||||||
| United States | $ | 87.37 | $ | 98.46 | $ | 66.03 | $ | 86.17 | $ | 67.78 | ||||||||||||||||||||||
| Egypt | 99.72 | 95.95 | 68.63 | 93.50 | 69.99 | |||||||||||||||||||||||||||
| North Sea | 92.91 | 110.78 | 69.78 | 93.16 | 70.99 | |||||||||||||||||||||||||||
| Total | 92.02 | 98.24 | 67.43 | 89.33 | 68.94 | |||||||||||||||||||||||||||
| AVERAGE NATURAL GAS PRICE PER MCF | ||||||||||||||||||||||||||||||||
| United States | $ | 1.22 | $ | (2.98) | $ | 0.71 | $ | (0.52) | $ | 1.27 | ||||||||||||||||||||||
| Egypt | 4.34 | 4.23 | 3.75 | 4.19 | 3.49 | |||||||||||||||||||||||||||
| North Sea | 21.19 | 15.88 | 11.06 | 16.90 | 12.59 | |||||||||||||||||||||||||||
| Total | 2.87 | 0.60 | 2.25 | 1.94 | 2.45 | |||||||||||||||||||||||||||
| AVERAGE NGL PRICE PER BARREL | ||||||||||||||||||||||||||||||||
| United States | $ | 26.13 | $ | 24.59 | $ | 20.11 | $ | 23.65 | $ | 22.69 | ||||||||||||||||||||||
| North Sea | 155.54 | 67.50 | 40.42 | 56.15 | 44.49 | |||||||||||||||||||||||||||
| Total | 26.17 | 25.41 | 20.65 | 24.24 | 23.30 | |||||||||||||||||||||||||||
Page 4
APA CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In millions)
| SUMMARY EXPLORATION EXPENSE INFORMATION | |||||||||||||||||||||||
| For the Quarter Ended | For the Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Unproved leasehold impairments | $ | 1 | $ | — | $ | 3 | $ | — | |||||||||||||||
| Dry hole expense | 22 | 4 | 76 | 47 | |||||||||||||||||||
| Geological and geophysical expense | 3 | 3 | 7 | 7 | |||||||||||||||||||
| Exploration overhead and other | 25 | 15 | 49 | 41 | |||||||||||||||||||
| $ | 51 | $ | 22 | $ | 135 | $ | 95 | ||||||||||||||||
| SUMMARY STOCK-SETTLED AND CASH-SETTLED EQUITY COMPENSATION INFORMATION | |||||||||||||||||||||||||||||
| For the Quarter Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | ||||||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||
| Stock-settled and cash-settled compensation expensed: | |||||||||||||||||||||||||||||
| Lease operating expenses | $ | 17 | $ | 4 | $ | 11 | $ | 35 | $ | 21 | |||||||||||||||||||
| Exploration | 12 | 1 | 3 | 22 | 6 | ||||||||||||||||||||||||
| General and administrative | 56 | 9 | 37 | 112 | 62 | ||||||||||||||||||||||||
| Total stock-settled and cash-settled compensation expensed | 85 | 14 | 51 | 169 | 89 | ||||||||||||||||||||||||
| Stock-settled and cash-settled compensation capitalized | 14 | 3 | 6 | 29 | 12 | ||||||||||||||||||||||||
| Stock-settled and cash-settled compensation associated with abandonment and decommissioning | 2 | — | — | 4 | — | ||||||||||||||||||||||||
| Total stock-settled and cash-settled compensation costs | $ | 101 | $ | 17 | $ | 57 | $ | 202 | $ | 101 | |||||||||||||||||||
Page 5
APA CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In millions)
| SUMMARY CASH FLOW INFORMATION | |||||||||||||||||||||||
| For the Quarter Ended | For the Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 1,376 | $ | 1,460 | $ | 3,636 | $ | 3,737 | |||||||||||||||
| Additions to upstream oil and gas property | (644) | (719) | (1,755) | (2,156) | |||||||||||||||||||
| Leasehold and property acquisitions | (9) | — | (15) | (20) | |||||||||||||||||||
| Proceeds from asset divestitures | — | 19 | — | 590 | |||||||||||||||||||
| Other, net | (16) | — | (32) | 5 | |||||||||||||||||||
| Net cash used in investing activities | $ | (669) | $ | (700) | $ | (1,802) | $ | (1,581) | |||||||||||||||
| Payments on commercial paper and revolving credit facilities, net | — | — | — | (333) | |||||||||||||||||||
| Payments on term loan facility | — | — | — | (900) | |||||||||||||||||||
| Fixed-rate debt borrowings | — | — | — | 846 | |||||||||||||||||||
| Payments on fixed-rate debt | (446) | (62) | (1,200) | (1,016) | |||||||||||||||||||
| Distributions to noncontrolling interest | (93) | (173) | (257) | (390) | |||||||||||||||||||
| Treasury stock activity, net | (450) | (65) | (550) | (215) | |||||||||||||||||||
| Dividends paid to APA common stockholders | (87) | (90) | (264) | (271) | |||||||||||||||||||
| Other, net | — | (2) | (4) | (27) | |||||||||||||||||||
| Net cash used in financing activities | $ | (1,076) | $ | (392) | $ | (2,275) | $ | (2,306) | |||||||||||||||
| SUMMARY BALANCE SHEET INFORMATION | |||||||||||
| September 30, | December 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Cash and cash equivalents | $ | 75 | $ | 516 | |||||||
| Other current assets | 2,204 | 1,605 | |||||||||
| Property and equipment, net | 12,890 | 12,748 | |||||||||
| Deferred tax asset | 2,059 | 2,328 | |||||||||
| Deferred charges and other | 655 | 564 | |||||||||
| Total assets | $ | 17,883 | $ | 17,761 | |||||||
| Current debt | $ | 3 | $ | 213 | |||||||
| Current liabilities | 2,693 | 2,358 | |||||||||
| Long-term debt | 3,292 | 4,280 | |||||||||
| Asset retirement obligation, long-term | 2,711 | 2,699 | |||||||||
| Decommissioning contingency for sold Gulf of America properties | 592 | 782 | |||||||||
| Deferred credits and other noncurrent liabilities | 480 | 426 | |||||||||
| APA shareholders’ equity | 7,186 | 6,093 | |||||||||
| Noncontrolling interest | 926 | 910 | |||||||||
| Total Liabilities and equity | $ | 17,883 | $ | 17,761 | |||||||
| Common shares outstanding at end of period | 340 | 353 | |||||||||
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 Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Costs incurred in oil and gas property: | |||||||||||||||||||||||
| Asset and leasehold acquisitions | $ | 10 | $ | 9 | $ | 17 | $ | 26 | |||||||||||||||
| Exploration and development | 580 | 648 | 1,872 | 2,177 | |||||||||||||||||||
| Total Costs incurred in oil and gas property | $ | 590 | $ | 657 | $ | 1,889 | $ | 2,203 | |||||||||||||||
| Reconciliation of Costs incurred to Upstream capital investment: | |||||||||||||||||||||||
| Total Costs incurred in oil and gas property | $ | 590 | $ | 657 | $ | 1,889 | $ | 2,203 | |||||||||||||||
| Asset and leasehold acquisitions | (10) | (9) | (17) | (26) | |||||||||||||||||||
| Asset retirement obligations incurred - oil and gas property | (5) | (10) | (14) | (18) | |||||||||||||||||||
| Capitalized interest | (16) | (12) | (46) | (32) | |||||||||||||||||||
| Exploration seismic and administration costs | (28) | (18) | (56) | (48) | |||||||||||||||||||
| Upstream capital investment including noncontrolling interest - Egypt | $ | 531 | $ | 608 | $ | 1,756 | $ | 2,079 | |||||||||||||||
| Less noncontrolling interest - Egypt | (65) | (66) | (180) | (179) | |||||||||||||||||||
| Total Upstream capital investment | $ | 466 | $ | 542 | $ | 1,576 | $ | 1,900 | |||||||||||||||
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 Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 1,376 | $ | 1,460 | $ | 3,636 | $ | 3,737 | |||||||||||||||
| Changes in operating assets and liabilities | 78 | (271) | 517 | (516) | |||||||||||||||||||
| Cash flows from operations before changes in operating assets and liabilities | $ | 1,454 | $ | 1,189 | $ | 4,153 | $ | 3,221 | |||||||||||||||
| Adjustments to free cash flow: | |||||||||||||||||||||||
| Upstream capital investment including noncontrolling interest - Egypt | (531) | (608) | (1,756) | (2,079) | |||||||||||||||||||
| Abandonment and decommissioning spend | (112) | (54) | (192) | (122) | |||||||||||||||||||
| Leasehold acquisition and other | (19) | (15) | (34) | (31) | |||||||||||||||||||
| Distributions to Sinopec noncontrolling interest | (93) | (173) | (257) | (390) | |||||||||||||||||||
| Free cash flow | $ | 699 | $ | 339 | $ | 1,914 | $ | 599 | |||||||||||||||
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 Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | ||||||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||
| Net cash provided by operating activities | $ | 1,376 | $ | 1,706 | $ | 1,460 | $ | 3,636 | $ | 3,737 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Exploration seismic and administrative costs | 28 | 14 | 18 | 56 | 48 | ||||||||||||||||||||||||
| Current income tax provision | 338 | 234 | 100 | 874 | 638 | ||||||||||||||||||||||||
| Other adjustments to reconcile net income to net cash provided by operating activities | (2) | 15 | (28) | 4 | (46) | ||||||||||||||||||||||||
| Changes in operating assets and liabilities | 78 | (198) | (271) | 517 | (516) | ||||||||||||||||||||||||
| Financing costs, net (excludes gain/loss on extinguishment of debt) | 38 | 54 | 48 | 149 | 202 | ||||||||||||||||||||||||
| Transaction, reorganization & separation costs | 1 | 12 | 18 | 20 | 66 | ||||||||||||||||||||||||
| Adjusted EBITDAX (Non-GAAP) | $ | 1,857 | $ | 1,837 | $ | 1,345 | $ | 5,256 | $ | 4,129 | |||||||||||||||||||
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.
| September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | ||||||||||||||||||||
| Current debt | $ | 3 | $ | 2 | $ | 134 | $ | 213 | |||||||||||||||
| Long-term debt | 3,292 | 3,741 | 4,280 | 4,280 | |||||||||||||||||||
| Total debt | 3,295 | 3,743 | 4,414 | 4,493 | |||||||||||||||||||
| Cash and cash equivalents | 75 | 444 | 293 | 516 | |||||||||||||||||||
| Net Debt | $ | 3,220 | $ | 3,299 | $ | 4,121 | $ | 3,977 | |||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
| Before | Tax | After | Diluted | Before | Tax | After | Diluted | ||||||||||||||||||||||||||||||||||||||||
Tax | Impact | Tax | EPS | Tax | Impact | Tax | EPS | ||||||||||||||||||||||||||||||||||||||||
| Net income including noncontrolling interests (GAAP) | $ | 1,200 | $ | (406) | $ | 794 | $ | 2.27 | $ | 511 | $ | (233) | $ | 278 | $ | 0.77 | |||||||||||||||||||||||||||||||
| Income attributable to noncontrolling interests | 174 | (78) | 96 | 0.27 | 133 | (60) | 73 | 0.20 | |||||||||||||||||||||||||||||||||||||||
| Net income attributable to common stock | 1,026 | (328) | 698 | 2.00 | 378 | (173) | 205 | 0.57 | |||||||||||||||||||||||||||||||||||||||
| Adjustments: * | |||||||||||||||||||||||||||||||||||||||||||||||
| Asset and unproved leasehold impairments | 1 | — | 1 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Valuation allowance, EPL revaluation and other tax adjustments | — | 2 | 2 | 0.01 | — | 3 | 3 | 0.01 | |||||||||||||||||||||||||||||||||||||||
| Gain on extinguishment of debt | (3) | — | (3) | (0.01) | (2) | — | (2) | (0.01) | |||||||||||||||||||||||||||||||||||||||
| Unrealized derivative instrument losses (gains) | (22) | 5 | (17) | (0.05) | 148 | (33) | 115 | 0.33 | |||||||||||||||||||||||||||||||||||||||
| Transaction, reorganization & separation costs | 1 | (1) | — | — | 18 | (3) | 15 | 0.04 | |||||||||||||||||||||||||||||||||||||||
| Gain on divestitures, net | (7) | 2 | (5) | (0.01) | (5) | 1 | (4) | (0.01) | |||||||||||||||||||||||||||||||||||||||
| Adjusted earnings (Non-GAAP) | $ | 996 | $ | (320) | $ | 676 | $ | 1.94 | $ | 537 | $ | (205) | $ | 332 | $ | 0.93 | |||||||||||||||||||||||||||||||
| For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
| Before | Tax | After | Diluted | Before | Tax | After | Diluted | ||||||||||||||||||||||||||||||||||||||||
Tax | Impact | Tax | EPS | Tax | Impact | Tax | EPS | ||||||||||||||||||||||||||||||||||||||||
| Net income including noncontrolling interests (GAAP) | $ | 3,307 | $ | (1,143) | $ | 2,164 | $ | 6.14 | $ | 2,302 | $ | (941) | $ | 1,361 | $ | 3.77 | |||||||||||||||||||||||||||||||
| Income attributable to noncontrolling interests | 493 | (220) | 273 | 0.78 | 375 | (169) | 206 | 0.57 | |||||||||||||||||||||||||||||||||||||||
| Net income attributable to common stock | 2,814 | (923) | 1,891 | 5.36 | 1,927 | (772) | 1,155 | 3.20 | |||||||||||||||||||||||||||||||||||||||
| Adjustments: * | |||||||||||||||||||||||||||||||||||||||||||||||
| Asset and unproved leasehold impairments | 3 | — | 3 | 0.01 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Noncontrolling interest & tax barrel impact on Egypt adjustments | 1 | (2) | (1) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Valuation allowance, EPL revaluation and other tax adjustments | — | 2 | 2 | 0.01 | — | 131 | 131 | 0.36 | |||||||||||||||||||||||||||||||||||||||
| Loss (gain) on extinguishment of debt | 1 | — | 1 | — | (147) | 32 | (115) | (0.32) | |||||||||||||||||||||||||||||||||||||||
| Unrealized derivative instrument losses (gains) | (92) | 20 | (72) | (0.21) | 40 | (9) | 31 | 0.09 | |||||||||||||||||||||||||||||||||||||||
| Transaction, reorganization & separation costs | 20 | (6) | 14 | 0.04 | 66 | (16) | 50 | 0.14 | |||||||||||||||||||||||||||||||||||||||
| Gain on divestitures, net | (5) | 1 | (4) | (0.01) | (285) | 63 | (222) | (0.62) | |||||||||||||||||||||||||||||||||||||||
| Adjusted Earnings (Non-GAAP) | $ | 2,742 | $ | (908) | $ | 1,834 | $ | 5.20 | $ | 1,601 | $ | (571) | $ | 1,030 | $ | 2.85 | |||||||||||||||||||||||||||||||
*The income tax effect of the reconciling items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides.
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