High prices, gas curtailments in APA (NASDAQ: APA) Q2 2026 update
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
APA Corporation released supplemental estimates for its second-quarter 2026 results and set an earnings call for Aug. 6 at 10 a.m. Central time. The company expects strong realized oil prices, with United States oil at $93.20 per barrel and international oil at $99.90 per barrel. Estimated average realized natural gas prices are ($2.20) per Mcf in the United States and $4.80 per Mcf internationally.
APA reports Egypt tax barrels of 36 MBoe/d, estimated dry hole costs of $41 million, and an estimated $345 million net gain on oil and gas purchases and sales, including a $109 million realized loss from commodity derivatives. The company curtailed approximately 137 MMcf/d of U.S. natural gas production and 12,300 barrels per day of U.S. NGL production due to weak or negative Waha hub prices. Estimated weighted-average basic shares are 353 million, and APA repurchased 2.8 million shares at an average price of $35.25, while general and administrative expenses totaled $65 million, including about $10 million of stock-based compensation.
Positive
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Negative
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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, and exhibit attachments filed with this report.
Key Figures
U.S. realized oil price: $93.20 per barrel
International realized oil price: $99.90 per barrel
Net gain on purchases and sales: $345 million
+7 more
10 metrics
U.S. realized oil price
$93.20 per barrel
Estimated average realized price, Q2 2026
International realized oil price
$99.90 per barrel
Estimated average realized price, Q2 2026
Net gain on purchases and sales
$345 million
Oil and gas purchases and sales before tax, Q2 2026
Realized derivatives loss
$109 million
Included in net gain on oil and gas purchases and sales
Dry hole costs
$41 million
Before tax, Q2 2026 estimate
Gas production curtailed
137 MMcf/d
U.S. natural gas curtailed in Q2 2026
NGL production curtailed
12,300 barrels per day
U.S. natural gas liquids curtailed in Q2 2026
Share repurchases
2.8 million shares at $35.25
Estimated Q2 2026 average repurchase price
Estimated weighted-average shares
353 million
Basic common shares, Q2 2026
G&A expenses
$65 million
Includes ~$10 million stock-based compensation, Q2 2026
Key Terms
Egypt tax barrels, dry hole costs, commodity derivatives, curtailed, +2 more
6 terms
Egypt tax barrels financial
"Egypt tax barrels: 36 MBoe/d"
dry hole costs financial
"Dry hole costs (before tax): $41 million"
commodity derivatives financial
"Includes $109 million realized loss from commodity derivatives"
Commodity derivatives are financial contracts whose value is tied to the price of a physical raw material—such as oil, gold, wheat or copper—and they let parties lock in or bet on future prices without necessarily owning the actual goods. For investors, they matter because they offer ways to protect profits from wild price swings (like locking the price of fuel ahead of a trip) or to gain exposure and potential returns through leverage, but they also carry higher risk and require close attention to market supply, demand and storage factors.
curtailed financial
"APA curtailed approximately 137 MMcf/d of U.S. natural gas production"
mark-to-market financial
"reflecting the mark-to-market impacts of APA’s share price during the quarter"
"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.
forward-looking statements regulatory
"This news release contains forward-looking statements within the meaning of Section 27A"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Earnings Snapshot
U.S. realized oil price: $93.20 per barrel
Q2 2026
U.S. realized oil price
$93.20 per barrel
International realized oil price
$99.90 per barrel
Net gain on purchases and sales (before tax)
$345 million
Dry hole costs (before tax)
$41 million
G&A expenses
$65 million
FAQ
What supplemental Q2 2026 information did APA (APA) provide?
APA released estimated second-quarter 2026 supplemental data, including realized commodity prices, Egypt tax barrels, dry hole costs, net gains on oil and gas purchases and sales, production curtailments, share repurchases, and general and administrative expenses, ahead of its full quarterly results and earnings call.
What realized commodity prices did APA (APA) estimate for Q2 2026?
APA estimates U.S. oil at $93.20 per barrel and international oil at $99.90 per barrel. U.S. NGLs are $25.10 per barrel, international NGLs $73.40 per barrel, U.S. gas (negative) at ($2.20) per Mcf, and international gas at $4.80 per Mcf.
How much production did APA (APA) curtail in Q2 2026?
APA curtailed about 137 MMcf per day of U.S. natural gas and 12,300 barrels per day of U.S. natural gas liquids. These curtailments were in response to weak or negative Waha hub prices during the quarter, affecting reported production volumes and associated revenues.
What were APA (APA)’s estimated Q2 2026 exploration and transaction impacts?
APA estimates $41 million of dry hole costs before tax and a $345 million net gain on oil and gas purchases and sales before tax. The net gain figure includes a $109 million realized loss from commodity derivatives, affecting reported earnings for the quarter.
What were APA (APA)’s estimated Q2 2026 G&A expenses?
APA estimates general and administrative expenses of $65 million for second-quarter 2026. This amount includes approximately $10 million of stock-based compensation expense, which reflects mark-to-market impacts from movements in APA’s share price during the quarter.
When is APA (APA)’s Q2 2026 earnings conference call scheduled?
APA plans to hold its second-quarter 2026 earnings conference call on Thursday, Aug. 6, at 10 a.m. Central time. The call will be webcast on the company’s website, with a replay available for one year on the Investors page after the event.
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): July 8, 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:
| Name of each exchange | |||||||||||||||||
Title of each class | Trading 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. ☐
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 July 8, 2026, APA Corporation issued a press release announcing supplemental information regarding certain financial and operating results for the fiscal quarter ended June 30, 2026. The full text of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
| Exhibit No. | Description | ||||||||||
| 99.1 | Press Release of APA Corporation dated July 8, 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: | July 8, 2026 | By: | /s/ Robert P. Rayphole | ||||||||
| Robert P. Rayphole | |||||||||||
| Vice President, Chief Accounting Officer, and Controller | |||||||||||
| (Principal Accounting Officer) | |||||||||||
APA Corporation provides second-quarter 2026 supplemental information and
schedules results conference call for Aug. 6 at 10 a.m. Central time
HOUSTON, July 8, 2026 -- APA Corporation (Nasdaq: APA) today provided supplemental information regarding certain second-quarter 2026 financial and operational results. This information is intended only to provide additional information regarding current estimates management believes will affect results for the second quarter of 2026. It is provided to assist investors, analysts and others in formulating their own estimates and is not intended to be a comprehensive presentation of all factors that will affect second-quarter 2026 results. Actual results and the impact of factors identified here may vary and are subject to finalization of the financial reporting process for the second quarter of 2026.
| Estimated Average Realized Prices – 2Q26 | |||||||||||
Oil (bbl) | NGL (bbl) | Natural Gas (Mcf) | |||||||||
United States | $93.20 | $25.10 | ($2.20) | ||||||||
International | $99.90 | $73.40 | $4.80 | ||||||||
Egypt tax barrels: | 36 MBoe/d | ||||
Dry hole costs (before tax): | $41 million | ||||
Net gain on oil and gas purchases and sales (before tax)*: | $345 million | ||||
*Includes $109 million realized loss from commodity derivatives
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APA CORPORATION PROVIDES SECOND-QUARTER 2026 SUPPLEMENTAL INFORMATION AND SCHEDULES RESULTS CONFERENCE CALL FOR AUGUST 6 AT 10 A.M. CENTRAL TIME
— PAGE 2 of 3
Production update
APA curtailed approximately 137 MMcf/d of U.S. natural gas production and 12,300 barrels per day of U.S. natural gas liquids production in the second quarter in response to weak or negative Waha hub prices.
Weighted-average shares outstanding
The estimated weighted-average basic common shares for the second quarter are 353 million. APA repurchased 2.8 million shares at an average price of $35.25 per share during the second quarter.
General and administrative
During the second quarter, APA incurred general and administrative expenses totaling $65 million. This includes approximately $10 million in stock-based compensation, reflecting the mark-to-market impacts of APA’s share price during the quarter.
Second-quarter 2026 earnings call
APA will host a conference call to discuss its second-quarter 2026 results at 10 a.m. Central Time, Thursday, Aug. 6. The conference call will be webcast on 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.
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,” “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
APA CORPORATION PROVIDES SECOND-QUARTER 2026 SUPPLEMENTAL INFORMATION AND SCHEDULES RESULTS CONFERENCE CALL FOR AUGUST 6 AT 10 A.M. CENTRAL TIME
— PAGE 3 of 3
to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. 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 depends on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in APA’s Form 10-K for the year ended December 31, 2025, and in our quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission 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.
Contacts
Investor: (281) 302-2286 | ir@apachecorp.com
Media: (713) 296-7276 | media@apachecorp.com
Website: www.apacorp.com
APA-F
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