APA Corp (APA)

APA Corporation is an independent energy company that, through its subsidiaries, explores for, develops, and produces crude oil, natural gas, and NGLs. As a holding company, its primary assets are its ownership interests in consolidated subsidiaries. Its portfolio spans conventional and unconventional, onshore and offshore assets. Its stated objectives are to provide affordable, reliable, and responsibly produced energy, deliver strong operational performance, maintain financial discipline with excess cash flow directed to debt reduction and shareholder returns, and grow a diverse, high-quality portfolio. In recent years it acquired Callon Petroleum (April 2024, about $4.5 billion including debt) and sold non-core U.S. assets, including a full exit from New Mexico in 2025.

Operations are reported in three geographic areas: the U.S., Egypt, and the U.K. North Sea. APA also has development, exploration, and appraisal activity in Suriname and exploration interests in Uruguay, Alaska, and other international locations. In 2025 it produced 169.5 MMboe, with the U.S. at 62%, Egypt 31%, and the North Sea 7%, and it had 1,056 MMboe of year-end proved reserves. U.S. activity centers on the Permian Basin of West Texas (Midland and Delaware sub-basins), with legacy assets including offshore Gulf of America and about 325,000 gross acres of undeveloped North Slope Alaska acreage. In Egypt, APA is the largest acreage holder in the Western Desert, with 7.5 million gross acres under production-sharing contracts, mostly one merged concession; Sinopec holds a one-third interest in the Egypt operations. In the North Sea, it holds about 176,000 gross acres including the Forties and Beryl fields, with new drilling suspended and production expected to cease before 2030. In Suriname, it holds a 50% interest in Block 58 with TotalEnergies as operator, and the GranMorgu oil development targets first production in 2028. It also operates Block 53 in Suriname and Block 4 in Uruguay, and holds an interest in Block 6 in Uruguay.

U.S. natural gas is sold at index prices to local distribution, utility, and midstream companies, end-users, marketers, and integrated majors. U.S. crude oil is sold to integrated majors, marketing and transportation companies, and refiners, mainly on WTI-based pricing. NGLs are sold under Gulf Coast-based contracts. In Egypt, nearly all natural gas is sold to the state-owned EGPC under a gas sales agreement with a minimum price of $2.65 per MMBtu, while crude oil is sold to third-party export markets or to EGPC. North Sea crude is sold under term and spot contracts at index-based prices, and its gas is processed through the SAGE plant and sold at the St. Fergus entry point of the national grid.

APA operates about 4,000 gross wells in the U.S. and had 5,162 gross productive wells worldwide at year-end 2025. In 2025 it drilled or participated in 295 gross wells, 91% of them completed as producers. It uses 3-D seismic to identify drilling targets in Egypt, has long-term U.S. natural gas and crude oil delivery commitments, and sometimes buys third-party volumes to meet them. It has partners including TotalEnergies, Sinopec, and Staatsolie, which holds a 20% share of the GranMorgu development.