APA Corporation is an independent energy company focused on the exploration, development, and production of natural gas, crude oil, and natural gas liquids (NGLs) through its upstream business operations in the U.S., Egypt, and the North Sea . The company also engages in exploration and appraisal activities in Suriname and holds interests in Uruguay and other international locations . APA generates revenue from oil, natural gas, and NGLs through customer contracts, with prices based on market-indexed rates adjusted for various factors . In Egypt, APA operates under production-sharing contracts, assuming exploration and production costs in exchange for a share of the production .
- U.S. Operations - Engages in the exploration, development, and production of natural gas, crude oil, and NGLs within the United States.
- Egypt Operations - Conducts exploration, development, and production activities under production-sharing contracts, bearing costs in exchange for a share of the production.
- North Sea Operations - Involves the exploration, development, and production of natural gas, crude oil, and NGLs in the North Sea region.
- Exploration and Appraisal - Focuses on exploration and appraisal activities in Suriname, with additional interests in Uruguay and other international locations.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
John J. Christmann IV ExecutiveBoard | CEO | Board of Visitors, University of Texas MD Anderson Cancer Center. | CEO since 2015, with over 25 years at APA. Previously held roles such as COO, North America, and VP of Business Development. Known for strategic leadership in oil and gas exploration and production. | View Report → |
D. Clay Bretches Executive | EVP, Operations | None. | EVP of Operations since 2020. Previously CEO of Altus Midstream and SVP of U.S. Midstream Operations. Announced retirement effective July 1, 2025. | |
Rebecca A. Hoyt Executive | SVP, Chief Accounting Officer | None. | Senior VP and Chief Accounting Officer. Listed as Principal Accounting Officer in recent filings. No additional details on prior roles or achievements available. | |
Stephen J. Riney Executive | President and CFO | None. | Joined APA in 2015 as CFO. Promoted to President and CFO in 2024. Formerly CFO for BP Exploration and Production. Known for financial rigor and strategic counsel. | |
Tracey K. Henderson Executive | EVP, Exploration | None. | EVP of Exploration since 2023. Previously SVP of Exploration. Former Chief Exploration Officer at Kosmos Energy. Extensive experience in global exploration leadership. | |
Annell R. Bay Board | Director | Board Member, Hunting PLC; Trustee, Trinity University; Advisory Board Member, Jackson School of Geosciences. | Director since 2014. Chair of the Corporate Responsibility, Governance, and Nominating Committee. Extensive experience in global oil and gas exploration. | |
Anya Weaving Board | Director | Trustee, Musical Arts Association. | Director since 2024. Former CFO with expertise in investment banking and energy sector strategy. | |
Chansoo Joung Board | Director | Board Member, Magellan Midstream Partners. | Director since 2011. Chair of the Audit Committee. Extensive experience in energy-related capital markets and governance. | |
Charles W. Hooper Board | Director | Board Member, General Dynamics, UL Solutions, Two Six Technologies, Loc Performance; Member, Council on Foreign Relations. | Director since 2022. Former U.S. Army Lieutenant General with expertise in foreign relations, cybersecurity, and risk management. | |
David L. Stover Board | Director | None. | Director since 2022. Former CEO and Board Chair of Noble Energy. Extensive experience in exploration, offshore operations, and unconventional projects. | |
H. Lamar McKay Board | Non-Executive Chair of the Board | Board of Directors, CRH plc. | Non-Executive Chair since 2022. Former Deputy CEO and Chief Transition Officer at BP. Brings decades of oil and gas leadership experience. | |
Juliet S. Ellis Board | Director | Board Member, Donnelley Financial Solutions; Trustee, Houston Methodist Hospital. | Director since 2019. Chair of the Management Development & Compensation Committee. Background in portfolio management and strategy. | |
Matthew R. Bob Board | Director | Managing Member, MB Exploration. | Director since 2024. Former Chairman of Callon Petroleum. Extensive experience in U.S. onshore oil and gas operations and subsurface technical expertise. | |
Peter A. Ragauss Board | Director | Board Member, The Williams Companies. | Director since 2014. Former CFO with deep expertise in accounting, financial oversight, and governance in the oil and gas industry. |
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"With the third quarter showing a reduced percentage of free cash flow returned to shareholders due to timing issues with disposals, how do you plan to ensure consistent cash returns in the future, and what steps are you taking to mitigate such timing risks?"
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"In integrating Callon, have you identified areas where their operational practices outperformed yours, and how are you leveraging those insights to enhance your own operations, particularly in terms of cost efficiencies and well performance?"
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"Given the late-stage life cycle of your North Sea assets and the anticipated production declines, how do you plan to offset this reduction in free cash flow, and are you considering any strategic acquisitions or developments to maintain overall company growth?"
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"With the significant curtailment of production due to weak Waha gas prices affecting your fourth-quarter U.S. production by 20,000 to 25,000 BOE, what are your strategies to manage commodity price volatility and minimize its impact on your overall production and financial performance?"
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"As the GranMorgu project in Suriname is not expected to contribute to production until 2028, how are you addressing the potential gap in production growth over the next few years, and what measures are in place to mitigate risks associated with this long-term offshore development?"
Research analysts who have asked questions during APA earnings calls.
John Freeman
Raymond James Financial
3 questions for APA
Leo Mariani
ROTH MKM
3 questions for APA
Paul Cheng
Scotiabank
3 questions for APA
Arun Jayaram
JPMorgan Chase & Co.
2 questions for APA
Betty Jiang
Barclays
2 questions for APA
Charles Meade
Johnson Rice & Company L.L.C.
2 questions for APA
David Deckelbaum
TD Cowen
2 questions for APA
Douglas George Blyth Leggate
Wolfe Research
2 questions for APA
Wei Jiang
Barclays
2 questions for APA
Bertrand Don
Truist Securities
1 question for APA
Bob Brackett
Bernstein Research
1 question for APA
Douglas Leggate
Wolfe Research
1 question for APA
Doug Leggate
Wolfe Research
1 question for APA
Jeoffrey Lambujon
TPH & Co.
1 question for APA
Michael Scialla
Stephens Inc.
1 question for APA
Neal Dingmann
Truist Securities
1 question for APA
Neil Mehta
Goldman Sachs
1 question for APA
Oliver Huang
TPH&Co.
1 question for APA
Roger Read
Wells Fargo & Company
1 question for APA
Scott Gruber
Citigroup
1 question for APA
Scott Hanold
RBC Capital Markets
1 question for APA
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Egyptian General Petroleum Corporation (EGPC) | Major purchaser of crude oil, natural gas, and NGLs | All | In 2024, accounted for 17% (≈$1,655 million) of worldwide revenues. In 2023 and 2022, accounted for 15% of worldwide revenues. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Callon Petroleum Company | 2024 | The Callon Petroleum acquisition was an all‐stock transaction valued at approximately $4.5 billion, with each Callon share exchanged for 1.0425 APA shares and key assets including about 120,000 net acres in the Delaware Basin and 25,000 net acres in the Midland Basin; the deal also included refinancing Callon’s debt and is expected to generate cost synergies of over $150 million annually, enhancing APA's production scale to about 500,000 BOE per day. |
Delaware Basin Acquisition | 2022 | The Delaware Basin acquisition involved oil and gas assets in Texas (Loving and Reeves counties) for approximately $593 million and included net proved reserves of about 37 MMboe; it was funded through a revolving credit facility and was strategically viewed as a cash flow accretive tuck-in deal supporting the company’s growth in U.S. assets. |
BCP Business Combination | 2022 | Completed on February 22, 2022, the BCP Business Combination involved APA’s subsidiary Altus Midstream issuing 50 million shares (plus corresponding common units) to BCP unitholders, resulting in a deconsolidation gain of around $609 million and a significant change in ownership structure, with the combined entity being renamed Kinetik Holdings Inc.. |
Recent press releases and 8-K filings for APA.
- Q3 2025 production of 463,815 BOE/d (51% oil/16% NGL/33% gas); US: 281,145 BOE/d, International: 182,670 BOE/d.
- YTD 2025 controllable spend realized savings of $300 M (up from $60 M in Feb-2025); raised YE25 run-rate savings target to $350 M.
- Committed to return 60% of free cash flow to shareholders; set $3.0 B long-term net debt target and net debt reduced to ~$4.0 B by Q3 2025.
- Approved FID on Block 58 in Suriname, creating ~400 Midland-equivalent well locations at ~30% of Midland Basin cost.
- 4Q 2025 guidance: reported production 230 k oil/446 k BOE/d, adjusted production 190 k oil/377 k BOE/d; upstream capex of $440 M.
- APA reported Q3 consolidated net income of $205 million ($0.57/share) and adjusted net income of $332 million ($0.93/share), generating $339 million of free cash flow and returning $154 million to investors via dividends and buybacks.
- Production exceeded guidance across core assets: Permian oil volumes topped targets, Egypt BOEs grew sequentially on gas program progress with near-elimination of past-due receivables, and North Sea delivered higher volumes at lower costs.
- On track to deliver $300 million of controllable spend savings in 2025, aiming for a $350 million run-rate by year-end and targeting an additional $50–100 million of run-rate savings in 2026.
- Preliminary 2026 plan includes sustaining Permian oil at ~120,000 bopd with $1.3 billion in capital (five rigs), flat Egypt spend for gas growth, and ~10% lower development capital versus 2025.
- Reported production of 464,000 BOE/d (adjusted 387,000 BOE/d), exceeding guidance across all regions.
- Q3 net income attributable to common stock of $205 million ($0.57 diluted EPS); adjusted earnings of $332 million ($0.93 diluted EPS); net cash provided by operating activities of $1.5 billion and adjusted EBITDAX of $1.3 billion.
- Generated $339 million of free cash flow, reduced net debt by $431 million, and returned $154 million to shareholders via dividends and share repurchases in the quarter.
- Accelerated cost reductions, now targeting $350 million of run-rate savings by YE 2025 (two years ahead) and an additional $50–$100 million by YE 2026; raised 2025 realized savings goal to $300 million from $200 million.
- Increased Q4 guidance for U.S. oil and Egypt natural gas production; expects upstream capital investment of $440 million, in line with prior outlook.
- Completed acquisition of APA Solar in August; APA contributed $16.9 million in Q3 revenue.
- Q3 revenue of $393.5 million (+70% YoY) with gross margin of 26.9% and adjusted gross margin of 28.1%.
- Net income to common shareholders of $18.4 million (EPS $0.12) and Adjusted EBITDA of $72.2 million (Adjusted EPS $0.30).
- Full-year 2025 guidance updated to $1.25–$1.28 billion in revenue (incl. ~$50 million from APA), $185–$195 million in Adjusted EBITDA, and $0.64–$0.70 in Adjusted net income per share.
- APS will develop the 2,000 MW Desert Sun natural gas facility west of Gila Bend, AZ to meet rapid growth and support renewable integration.
- The project follows a two-phase structure: Phase 1 via competitive procurement for all customers; Phase 2 funded by extra-large users through long-term subscriptions.
- Under the “growth pays for growth” model, extra-large users assume capital costs and development risks, shielding residential and small business customers from expansion expenses.
- Estimated average realized prices for 3Q 2025: U.S. oil $66/bbl, NGL $20/bbl, natural gas $0.70/Mcf; International oil $68.50/bbl, NGL $40/bbl, natural gas $4.20/Mcf
- Egypt payments normalized receivables; distributed $173 million to non-controlling partner in 3Q vs. $126 million in 1Q and $91 million in 2Q; net gain on oil and gas purchases and sales of $177 million (pre-tax)
- Production curtailments of ~20 MMcf/d of U.S. natural gas and 1,400 bbl/d of U.S. NGLs due to weak Waha hub prices
- Weighted-average basic shares estimated at 357 million; repurchased 3.1 million shares at an average price of $20.78
- Scheduled 3Q 2025 earnings call on Thursday, Nov. 6 at 10 a.m. Central time
- DP World Posorja ranked #1 in Latin America and the Caribbean and 21st globally in the World Bank and S&P Global CPPI (2020–2024)
- Delivered the largest efficiency improvement worldwide, climbing over 120 positions since 2020
- Utilizes digitized planning and non-intrusive scanning to inspect 100% of export cargo, operating under a $500 million, 50-year public-private partnership launched in 2019
- Expanding to a 700 meter berth with additional cranes and RTGs to reach 1.4 million TEU capacity by 2026, and awarded the 2025 Port Industry Excellence Award
- APA Corp. reports 465,000 boe/d of production with a $2.3 billion capital budget in 2025, allocating $65 million to exploration this year and $850 million since 2020.
- Production and free cash flow are anchored in the Permian Basin (75 %) and long-lived assets in Egypt, with gas appraisal underway in Egypt’s Western Desert.
- In Suriname’s Block 58, APA achieved first discovery in 2020, reached FID in 2024, and plans first oil by 2028 via a 220,000 bbl/d FPSO operated by Total.
- Entered an Alaska joint venture in 2023, announcing two North Slope discoveries and planning further winter-season appraisal drilling on a 375,000-acre position.
- Expanded exploration into Uruguay with two large offshore blocks and emphasizes long-term investment in “super basins” to meet future global oil demand.
- ARRAY Technologies (NASDAQ: ARRY) announced the successful completion of its acquisition of APA Solar, a premier solar racking and structural solutions provider.
- APA Solar will continue to operate under its brand as a strategic business unit within ARRAY, enhancing its global renewable energy infrastructure offerings.
- The transaction is expected to be accretive to ARRAY’s earnings with significant commercial synergies; updated full-year guidance reflecting the impact will be provided on the Q3 earnings call.
- APA estimates average realized prices in 2Q25 of US oil $64.85/bbl, US NGL $19.80/bbl, US gas $1.00/Mcf; international prices are $66.20/bbl oil, $41.60/bbl NGL, $4.00/Mcf gas.
- Egypt tax barrels production is 32–33 MBoe/d; APA curtailed ~10 MMcf/d of U.S. gas and 750 bbl/d of U.S. NGL in 2Q25 due to weak Waha hub prices.
- Closed New Mexico asset sale in June, reducing U.S. production by ~1.8 MBoe/d and generating net proceeds of $575 million.
- Estimated weighted-average basic shares of 361 million for 2Q25; conference call set for Aug. 7 at 10 a.m. CT.