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.
- 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.
- APA Corp terminated the employment of D. Clay Bretches, Executive Vice President of Operations, effective June 4, 2025.
- The 8-K filing was issued on June 6, 2025 providing details of the management change.
- Oil prices were volatile, with Brent around $65/bbl and WTI near $63/bbl, and Brent futures closing above $66/bbl for a over 3% weekly gain on June 6, 2025.
- Renewed US–China trade talks initially boosted prices, but concerns over OPEC+ output increases and smaller-than-expected Saudi price cuts for Asia reignited oversupply fears.
- Geopolitical tensions weighed on markets as stalled US–Iran nuclear talks led to new US sanctions, and Iraq accused the Kurdish region of smuggling 150,000 bbl/day.
- Easing Canadian wildfire disruptions, sluggish US and China macro data, and rising petroleum inventories contributed to a cautious demand outlook.
- Israeli Prime Minister Benjamin Netanyahu confirmed an airstrike on May 13 killed Mohammed Sinwar, Hamas’s de facto leader in Gaza, in a tunnel beneath the European Hospital in Khan Younis.
- The operation also eliminated other top Hamas figures, including Yahya Sinwar, Ismail Haniyeh, and Mohammed Deif, further decapitating the group's leadership.
- On May 17, Israel launched Operation Gideon’s Chariots aiming for total occupation of the Gaza Strip, stating the war will continue until Hamas is fully defeated, with about 60 hostages still believed held.
- Observers suggest Sinwar’s death could create new avenues for hostage negotiations and post-war governance planning in Gaza.
- Reported strong Q1 financial performance with GAAP net income of $347 million, adjusted net income of $385 million, free cash flow of $126 million, and net cash provided by operating activities of $1.1 billion.
- Q1 2025 production reached 469,000 BOE per day with adjusted production (excluding Egypt noncontrolling interest) at 398,000 BOE per day and a 75% production share from the Permian Basin.
- Robust cost management delivered significant savings, including $800K per well in the Permian and raising Q1 savings to $130 million (annualized run rate of $225 million), while full-year development capital guidance was reduced by $150 million.
- Completed a $608 million asset sale of New Mexico Permian properties to bolster debt reduction, complemented by refinancing efforts to strengthen the balance sheet.
- In Egypt, strong gas development resulted in an average realized gas price of $3.19, with production exceeding guidance and a strategic shift toward gas-focused drilling.
- Achieved operational efficiencies by reducing the Permian rig count, lowering development capital, and marking a successful Alaska discovery at Sockeye-2, while maintaining U.S. oil production guidance at 125–127 Mbo/d.
- Ben C. Rodgers has been appointed as Executive Vice President and Chief Financial Officer, effective May 12, 2025, shifting from his previous role as SVP of Finance and Treasurer.
- Two new operational leaders were added: Shad Frazier as Senior Vice President, U.S. Onshore Operations (effective immediately) and Donald Martin as Vice President, Decommissioning (effective May 26, 2025).