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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.
| Name | Position | External Roles | Short Bio | Start Date |
|---|---|---|---|---|
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. | 2015 |
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. | 2020 |
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. | N/A |
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. | 2015 |
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. | 2023 |
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. | 2014 |
Anya Weaving Board | Director | Trustee, Musical Arts Association. | Director since 2024. Former CFO with expertise in investment banking and energy sector strategy. | 2024 |
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. | 2011 |
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. | 2022 |
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. | 2022 |
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. | 2022 |
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. | 2019 |
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. | 2024 |
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. | 2014 |
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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?"
| 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 developments and announcements about APA.
Earnings
New Earnings (Q4 2024)
·Feb 27, 2025, 9:14 PMView full earnings summary →APA posted $420M in Q4 free cash flow and aims for $350M in cost savings by 2027, yet the stock is down 57% in three years. Mgmt sees stable Permian production through 2029 and is shifting rigs to gas in Egypt. Will these cuts and FCF boosts finally lift shares?