# APA Corp (APA) Informational only - not investment advice. CIK: 0001841666 SIC: 1311 Crude Petroleum & Natural Gas SIC breadcrumb: [Mining](/division/B/) > [SIC Major Group 13](/major-group/13/) > [SIC 1311 Crude Petroleum & Natural Gas](/industry/1311/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=1841666 Filing source: https://www.sec.gov/Archives/edgar/data/1841666/000184166626000015/apa-20251231.htm ## At a glance No standardized annual SEC companyfacts metrics were extracted for this company; the at-a-glance panel is omitted rather than estimated. No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including APA - Oil and gas E&P: [peer review](/compare/oil-gas-ep/) · [market-risk page](/compare/oil-gas-ep/risk/) ### Peer percentile fingerprint | Ratio | APA | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | ROE | 23.5% | 8.9% | 90 | 43 | | ROA | 8.1% | 4.9% | 79 | 44 | | Liabilities / equity | 1.91 | 0.90 | 90 | 43 | | Current ratio | 0.82 | 0.86 | 49 | 44 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 1311 Crude Petroleum & Natural Gas, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Net income | 1434000000 | USD | 2025 | 2026-02-26 | | Assets | 17761000000 | USD | 2025 | 2026-02-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001841666.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net income | | | | | 2,855,000,000 | 804,000,000 | 1,434,000,000 | | Operating income | -2,152,000,000 | -4,102,000,000 | 2,860,000,000 | 5,565,000,000 | 3,696,000,000 | 2,444,000,000 | 3,087,000,000 | | Diluted EPS | -9.43 | -12.86 | 2.59 | 11.02 | 9.25 | 2.27 | 3.99 | | Operating cash flow | 2,867,000,000 | 1,388,000,000 | 3,496,000,000 | 4,943,000,000 | 3,129,000,000 | 3,620,000,000 | 4,545,000,000 | | Dividends paid | 376,000,000 | 123,000,000 | 52,000,000 | 207,000,000 | 308,000,000 | 353,000,000 | 360,000,000 | | Assets | 18,107,000,000 | 12,746,000,000 | 13,303,000,000 | 13,147,000,000 | 15,244,000,000 | 19,390,000,000 | 17,761,000,000 | | Stockholders' equity | | -1,639,000,000 | -1,595,000,000 | 423,000,000 | 2,655,000,000 | 5,280,000,000 | 6,093,000,000 | | Cash and cash equivalents | | 262,000,000 | 302,000,000 | 245,000,000 | 87,000,000 | 625,000,000 | 516,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Return on equity | | | | | 107.53% | 15.23% | 23.54% | | Return on assets | | | | | 18.73% | 4.15% | 8.07% | | Liabilities / equity | | | | 30.08 | 4.74 | 2.67 | 1.91 | | Current ratio | | 1.41 | 1.12 | 0.93 | 1.02 | 1.15 | 0.82 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/APA/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001841666.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2021-Q1 | 2021-03-31 | 0.00 | | | reported discrete quarter | | 2021-Q2 | 2021-06-30 | 0.00 | | | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 1.28 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.78 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 1.23 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | | 555,000,000 | 1.49 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | | 1,864,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | | 212,000,000 | 0.44 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | | 620,000,000 | 1.46 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | | -139,000,000 | -0.60 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | | 425,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | | 418,000,000 | 0.96 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | | 665,000,000 | 1.67 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | | 278,000,000 | 0.57 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | | 331,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | | 543,000,000 | 1.26 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | | 827,000,000 | 2.11 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Risk Factors Verbatim Item 1A Risk Factors from APA's latest 10-K: [/company/APA/risk-factors/](/company/APA/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1841666/000184166626000053/apa-20260630.htm Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 Overview APA is an independent energy company that owns subsidiaries that explore for, develop, and produce crude oil, natural gas, and natural gas liquids (NGLs). The Company’s business has oil and gas exploration, development, appraisal, and/or ongoing operations primarily in four geographic areas: the U.S., Egypt, offshore the U.K. in the North Sea (North Sea), and offshore Suriname. APA also has exploration interests in Uruguay, Alaska, and other international locations that may, over time, result in reportable discoveries and development opportunities. As a holding company, APA Corporation’s primary assets are its ownership interests in its consolidated subsidiaries. APA believes energy underpins global progress, and the Company wants to be a part of the solution as society works to meet growing global demand for reliable and affordable energy. APA strives to meet those challenges while creating value for all its stakeholders. Uncertainties in the global supply chain and financial markets impact oil supply and demand and contribute to commodity price volatility. These uncertainties include the impacts and duration of armed conflicts involving the U.S., Iran, Russia, Ukraine, Israel, and other parties in the Middle East, inflation, current and potential tariffs or other trade barriers, global trade policies, and disputes, and actions taken by foreign oil and gas producing nations, including OPEC+. Despite these uncertainties, the Company is focused on its longer-term objectives: (1) to remain committed to providing affordable, reliable, and responsibly produced energy; (2) to deliver top operational performance across safety, environmental responsibility, execution, and risk management measures; (3) to maintain financial discipline by managing costs, protecting the balance sheet to underpin the generation of cash flow in excess of its upstream exploration, appraisal, and development capital program that can be directed to debt reduction, share repurchases, and other return of capital to its shareholders; and (4) to build and grow a diverse and balanced high-quality portfolio with scale through acquisitions, exploration, and organic opportunities. The Company closely monitors hydrocarbon pricing fundamentals to reallocate capital as part of its ongoing planning process. APA’s diversified asset portfolio and operational flexibility provide the Company the ability to timely respond to near-term price volatility and effectively manage its investment programs accordingly. For additional detail on the Company’s forward capital investment outlook, refer to “Capital Resources and Liquidity” below. In the second quarter of 2026, the Company continued its cost reduction efforts to drive sustainable cost savings for the long-term. The Company remained focused on reducing overhead costs, improving the capital cost structure for its drilling, completions, and facility investments, and driving efficiencies of day-to-day field operating practices. The Company has raised its expected annualized savings target to $500 million by the end of 2026, an increase of $50 million from its previous guidance. The Company remains committed to its capital return framework for equity holders to participate more directly and materially in cash returns. The Company believes returning 60 percent of free cash flow annually through dividends and share repurchases creates a good balance for providing near-term cash returns to shareholders while still recognizing the importance of continued balance sheet strengthening. •The Company pays a quarterly dividend of $0.25 per share on its common stock. •Beginning in the fourth quarter of 2021 and through the end of the second quarter of 2026, the Company has repurchased 101.0 million shares of the Company’s common stock. Subsequent to the quarter ended June 30, 2026 through July 31, 2026, the Company repurchased 0.3 million shares, and as of July 31, 2026, the Company had remaining authorization to repurchase up to 18.7 million shares under the Company’s share repurchase programs. •From year-end 2021 through the date of this filing, the Company has repaid $3.7 billion of long-term debt. 23 Financial and Operational Highlights In the second quarter of 2026, the Company reported net income attributable to common stock of $747 million, or $2.11 per diluted share, compared to net income of $603 million, or $1.67 per diluted share, in the second quarter of 2025. In the first six months of 2026, the Company reported net income attributable to common stock of $1.2 billion, or $3.37 per diluted share, compared to net income of $950 million, or $2.62 per diluted share, in the first six months of 2025. The increase in net income in the second quarter and the first six months of 2026, compared to the second quarter and first six months of 2025, was primarily driven by higher oil revenues on stronger crude oil price realizations, improved margins on third-party purchased oil and gas activity and lower operating expenses driven by prior-year cost savings initiatives. The Company generated $2.3 billion of cash from operating activities during the first six months of 2026, remaining flat when compared to the first six months of 2025. The Company paid $177 million in dividends to APA common stockholders and repurchased approximately $100 million of Company common stock during the first six months of 2026. The Company also repaid $752 million of long-term debt principal during the first six months of 2026. Key operational highlights include: United States •Daily boe production from the Company’s U.S. assets, which decreased 9 percent from the second quarter of 2025, accounted for 64 percent of the Company’s worldwide production during the second quarter of 2026. The Company averaged five drilling rigs in the Permian Basin, including four rigs in the Southern Midland Basin and one rig in the Delaware Basin in the second quarter of 2026. The Company brought online 47 operated wells during the quarter. The Company’s core Permian Basin development program continues to represent a key area for the U.S. assets. •APA holds approximately 750,000 MMBtu/d of firm capacity on various pipelines in the Permian Basin. As of June 30, 2026, the Company had open basis swap contracts which purchased Waha and sold NYMEX Henry Hub on approximately one-third of its firm transport capacity for 2026, thereby locking in a significant portion of cash flows associated with its gas trading activities for the near term. Refer to Note 4—Derivative Instruments and Hedging Activities for further discussion of these basis swap agreements. •During the second quarter of 2026, the Company entered into an agreement to acquire Savant Alaska, LLC for approximately $70 million in upfront consideration, plus contingent payments tied to future development of the Company’s Alaska position. The to-be acquired infrastructure is expected to support operations beginning with 2026-2027 exploration and appraisal activities, while enhancing future development flexibility. Upon closing, the transaction is expected to add approximately 104,000 gross acres and approximately 1,500 b/d of oil production. The transaction is expected to close by year-end 2026. International •In Egypt, the Company averaged 12 drilling rigs and drilled 11 new productive wells during the second quarter of 2026. The Company also averaged 18 workover rigs as it continues optimizing drilling and workover activity for capital efficiency. Second quarter 2026 gross production from the Company’s Egypt assets increased 2 percent while net production decreased 13 percent from the second quarter of 2025. Second quarter 2026 net production was negatively impacted by higher price realizations and lower cost recovery volumes under the merged concession agreement. •In Egypt, the Company expects approximately one-half of its rig activities to continue to be gas-focused and anticipates continued strong performance for the rest of the year, with realized gas prices increasing through the period. •During the quarter, the Government of Egypt awarded the Company a five-year extension covering approximately 3.4 million acres of exploration acreage that was otherwise set to expire. In addition, approximately 400,000 acres of non-prospective acreage was not renewed in accordance with the applicable concession agreement terms. In connection with the extension, the Company committed to a drilling and seismic acquisition and reprocessing program, which it expects to complete in the normal course of operations. •In Uruguay, the Company signed an agreement with Eni S.p.A. as a strategic partner in offshore Block 6. The Company will retain a 60 percent working interest, with Eni funding most of the initial exploration well planned for 2027. 24 Results of Operations Oil, Natural Gas, and Natural Gas Liquids Production Revenues Revenue The Company’s production revenues and respective contribution to total revenues by country were as follows: [[GREPCENT_TABLE]] [["","","For the Quarter EndedJune 30,","","For the Six Months Ended June 30,"],["","","2026","","2025","","2026","","2025"],["","","$ Value","","% Contribution","","$ Value","","% Contribution","","$ Value","","% Contribution","","$ Value","","% Contribution"],["","","($ in millions)"],["Oil Revenues:"],["United States","","$","1,106","","","61","%","","$","730","","","53","%","","$","1,915","","","55","%","","$","1,546","","","52","%"],["Egypt(1)","","613","","","33","%","","521","","","38","%","","1,284","","","37","%","","1,103","","","37","%"],["North Sea","","107","","","6","%","","130","","","9","%","","271","","","8","%","","332","","","11","%"],["Total(1)","","$","1,826","","","100","%","","$","1,381","","","100","%","","$","3,470","","","100","%","","$","2,981","","","100","%"],["Natural Gas Revenues:"],["United States","","$","(109)","","","(266)","%","","$","48","","","26","%","","$","(121)","","","(61)","%","","$","152","","","36","%"],["Egypt(1)","","126","","","307","%","","109","","","59","%","","264","","","133","%","","200","","","48","%"],["North Sea","","24","","","59","%","","27","","","15","%","","55","","","28","%","","65","","","16","%"],["Total(1)","","$","41","","","100","%","","$","184","","","100","%","","$","198","","","100","%","","$","417","","","100","%"],["NGL Revenues:"],["United States","","$","161","","","95","%","","$","144","","","94","%","","$","290","","","93","%","","$","340","","","95","%"],["North Sea","","9","","","5","%","","9","","","6","%","","21","","","7","%","","19","","","5","%"],["Total(1)","","$","170","","","100","%","","$","153","","","100","%","","$","311","","","100","%","","$","359","","","100","%"],["Oil and Gas Revenues:"],["United States","","$","1,158","","","57","%","","$","922","","","54","%","","$","2,084","","","52","%","","$","2,038","","","54","%"],["Egypt(1)","","739","","","36","%","","630","","","37","%","","1,548","","","39","%","","1,303","","","35","%"],["North Sea","","140","","","7","%","","166","","","9","%","","347","","","9","%","","416","","","11","%"],["Total(1)","","$","2,037","","","100","%","","$","1,718","","","100","%","","$","3,979","","","100","%","","$","3,757","","","100","%"]] [[/GREPCENT_TABLE]] (1)    Includes revenues attributable to a noncontrolling interest in Egypt. 25 Production The Company’s production volumes by country were as follows: [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1841666/000184166626000015/apa-20251231.htm Complete FY 2025 MD&A: /company/APA/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-26 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion relates to APA Corporation (APA or the Company) and its consolidated subsidiaries and should be read together in conjunction with the Company’s Consolidated Financial Statements and accompanying notes included in Part IV, Item 15 of this Annual Report on Form 10-K, and the risk factors and related information set forth in Part I, Item 1A and Part II, Item 7A of this Annual Report on Form 10-K. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K are incorporated by reference to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of APA Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (filed with the SEC on February 28, 2025). Overview APA is an independent energy company that owns subsidiaries that explore for, develop, and produce crude oil, natural gas, and natural gas liquids (NGLs). The Company’s business has oil and gas operations in three geographic areas: the U.S., Egypt, and offshore the U.K. in the North Sea (North Sea). APA also has active development, exploration, and appraisal operations ongoing in Suriname, as well as exploration interests in Uruguay, Alaska, and other international locations that may, over time, result in reportable discoveries and development opportunities. As a holding company, APA Corporation’s primary assets are its ownership interests in its consolidated subsidiaries. APA believes energy underpins global progress, and the Company wants to be a part of the solution as society works to meet growing global demand for reliable and affordable energy. APA strives to meet those challenges while creating value for all its stakeholders. Uncertainties in the global supply chain and financial markets impact oil supply and demand and contribute to commodity price volatility. These uncertainties include the impacts of ongoing international conflicts, inflation, current and potential tariffs or other trade barriers, global trade policies and disputes, and actions taken by foreign oil and gas producing nations, including OPEC+. Despite these uncertainties, the Company is focused on its longer-term objectives: (1) to remain committed to providing affordable, reliable, and responsibly produced energy; (2) to deliver top operational performance across safety, environmental responsibility, execution, and risk management measures; (3) to maintain financial discipline by managing costs, protecting the balance sheet to underpin the generation of cash flow in excess of its upstream exploration, appraisal, and development capital program that can be directed to debt reduction, share repurchases, and other return of capital to its shareholders; and (4) to build and grow a diverse and balanced high-quality portfolio with scale through acquisitions, exploration, and organic opportunities. The Company closely monitors hydrocarbon pricing fundamentals to reallocate capital as part of its ongoing planning process. APA’s diversified asset portfolio and operational flexibility provide the Company the ability to timely respond to price volatility and effectively manage its investment programs. With increasing uncertainty around commodity prices during the first quarter of 2025, the Company announced a significant cost reduction initiative to drive sustainable cost savings for the long-term. This included reducing the Company’s overhead costs, addressing the capital cost structure for its drilling, completions, and facility investments, and improving efficiencies of day-to-day field operating practices. The Company achieved $350 million in annualized savings across G&A, LOE, and capital as of year-end 2025. The Company expects $450 million of annualized savings by the end of 2026. Additionally, the Company remains committed to its capital return framework for equity holders to participate more directly and materially in cash returns. •The Company believes returning 60 percent of free cash flow through dividends and share repurchases creates a good balance for providing near-term cash returns to shareholders while still recognizing the importance of longer-term balance sheet strengthening. •The Company paid a quarterly dividend of $0.25 per share on its common stock during 2025. •Beginning in the fourth quarter of 2021 and through the end of 2025, the Company has repurchased 98.2 million shares of the Company’s common stock. As of December 31, 2025, the Company had remaining authorization to repurchase up to 21.9 million shares under the Company’s share repurchase program. 34 Financial and Operational Highlights During 2025, the Company reported net income attributable to common stock of $1.4 billion, or $3.99 per diluted share, compared to net income of $804 million, or $2.27 per diluted share, in 2024. The increase in net income during 2025 was primarily the result of by $1.1 billion of impairments recorded in 2024, which included oil and gas property impairments of $796 million in the North Sea and $315 million in the U.S. The Company also recorded lower operating expenses in 2025 compared to the prior-year period, the result of focused cost-reduction efforts undertaken in 2025. The Company generated $4.5 billion of cash from operating activities in 2025, which was $925 million or 26 percent higher than 2024. APA’s higher operating cash flows for 2025 were primarily driven by the collection of outstanding receivables, lower overall expenses, and timing of other working capital items. The Company repurchased 12.9 million shares of its common stock for $280 million and paid $360 million in dividends to APA common stockholders during 2025. The Company ended the year with approximately $4.5 billion of debt, a reduction of approximately $1.6 billion from the end of 2024. Key operational highlights for the year include: United States •Daily boe production from the Company’s U.S. assets, which increased 2 percent from 2024, accounted for 62 percent of the Company’s worldwide production during 2025. The Company averaged approximately seven drilling rigs in the U.S. during the year, including four rigs in the Midland Basin and three rigs in the Delaware Basin, and drilled and brought online 154 operated wells in 2025. The Company’s core Permian Basin development program continues to consistently attract the largest portion of capital investment. •In the Permian Basin, the Company is currently operating five rigs, reflecting improved capital efficiency while sustaining the pace of wells brought online. The Company anticipates continuing this level of activity to deliver 2026 oil production consistent with the prior year. Should oil prices decline, the Company may moderate activity in 2026 and further reduce capital spending. •The Company holds approximately 750,000 MMBtu/d of firm capacity on various pipelines. As of December 31, 2025, the Company had open basis swap contracts which purchased Waha and sold NYMEX Henry Hub on approximately one-third of its firm transport capacity for 2026, thereby locking in a significant portion of cash flows associated with its gas marketing activities for the near term. Refer to Note 4—Derivative Instruments and Hedging Activities for further discussion of these basis swap agreements. •During the first quarter of 2025, the Company and its partners announced preliminary results of an exploratory well in Alaska, confirming the successful discovery of a reservoir. A successful flow test of the well was announced in April, with the well averaging 2,700 b/d during the final flow period. The Company continues to evaluate the data from the well to determine next steps, and further appraisal drilling will determine the ultimate size of the discovery. The Company holds a 50 percent ownership interest in the project. International •During the fourth quarter of 2024, the Company entered into a new gas sales agreement with the Government of Egypt. Effective January 2025, substantially all of the Company’s natural gas production was sold to EGPC under the terms of this agreement. The agreement provides the Company with enhanced economic terms that support increased natural gas exploration and development activity and the potential addition of significant new drilling inventory with expected returns comparable to those of the Company’s oil program. •In Egypt, the Company averaged 12 drilling rigs and drilled 71 new productive wells during 2025. During the same period, the Company averaged 19 workover rigs as it continues to align its drilling and workover activity with a goal of driving improved capital efficiency. The 2025 gross and net production from the Company’s Egypt assets decreased 2 percent and 6 percent, respectively, from 2024. •During the third quarter of 2025, the Government of Egypt awarded the Company an additional two million net exploration acres in the Western Desert. This new acreage expands on the Company’s existing position in the country. In addition to a signature bonus of $25 million, the Company has committed to a drilling program on the acreage that the Company believes it will be able to meet in the normal course of operations. The Government also helped facilitate significant payments in the third quarter of 2025, nearly eliminating past due receivables. For a more detailed discussion related to the Company’s various geographic segments, refer to “Exploration and Production—Operating Areas” set forth in Part I, Items 1 and 2 of this Annual Report on Form 10-K. 35 Acquisition and Divestiture Activity Over the Company’s history, it has repeatedly demonstrated the ability to capitalize quickly and decisively on changes in its industry and economic conditions. A key component of this strategy is to continuously review and optimize APA’s portfolio of assets in response to these changes. Most recently, the Company has completed a series of acquisitions and divestitures designed to enhance the Company’s portfolio and monetize nonstrategic assets in order to allocate resources to more impactful exploration and development opportunities. These acquisitions and divestitures include: •Sale of Non-core Permian Basin Properties During the second quarter of 2025, the Company completed the sale of all of its New Mexico Permian assets. The assets had a carrying value of $282 million and associated retirement obligation of $9 million, which were exchanged for total cash consideration of $571 million, inclusive of post-closing adjustments. •Egypt Acreage Acquisition During the third quarter of 2025, the Government of Egypt awarded the Company an additional two million net exploration acres in the Western Desert. In addition to a signature bonus of $25 million, the Company has committed to a drilling program on the acreage that the Company believes it will be able to meet in the normal course of operations. •Callon Petroleum Company Acquisition On April 1, 2024, APA completed its acquisition of Callon Petroleum Company (Callon) in an all-stock transaction valued at approximately $4.5 billion, inclusive of Callon’s debt (the Callon acquisition). The acquired assets included approximately 120,000 net acres in the Delaware Basin and 25,000 net acres in the Midland Basin. •Sale of Non-core Permian Basin Properties On December 31, 2024, APA completed the sale of non-core producing properties in the Permian Basin that had a carrying value of $1.1 billion and associated asset retirement obligation of $224 million for total cash proceeds of $869 million after closing adjustments. The properties are located in the Central Basin Platform, Texas and New Mexico Shelf, and Northwest Shelf. •Non-core Ac [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/APA/mda/fy2025/ All MD&A years: /company/APA/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/APA/mda/fy2024/): filed 2025-02-28; accession 0002040266-25-000007 (https://www.sec.gov/Archives/edgar/data/1841666/000204026625000007/apa-20241231.htm) - [FY 2023 MD&A](/company/APA/mda/fy2023/): filed 2024-02-22; accession 0001784031-24-000003 (https://www.sec.gov/Archives/edgar/data/1841666/000178403124000003/apa-20231231.htm) - [FY 2022 MD&A](/company/APA/mda/fy2022/): filed 2023-02-23; accession 0001784031-23-000007 (https://www.sec.gov/Archives/edgar/data/1841666/000178403123000007/apa-20221231.htm) - [FY 2021 MD&A](/company/APA/mda/fy2021/): filed 2022-02-22; accession 0001784031-22-000009 (https://www.sec.gov/Archives/edgar/data/1841666/000178403122000009/apa-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 1311 Crude Petroleum & Natural Gas) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/APA.md · JSON record: /company/APA.json · verified financials: /company/APA/financials.json / /company/APA/financials.csv · machine TOC for the whole site: /llms.txt