Latest analysis
Updated Nov 5, 2026
APA raises 2026 free cash flow outlook to $2.9B, sets new $2B net debt target as cost savings hit $500M run-rate two years ahead of schedule
APA Corporation delivered $699 million of free cash flow in Q3 2026 and raised its full-year 2026 FCF outlook by $600 million to $2.9 billion, driven by US oil production exceeding guidance at 128 thousand barrels per day, structural cost savings reaching the accelerated $500 million target, and stronger commodity prices. The company set a new long-term net debt target of $2 billion — down from $3 billion — while returning $537 million to shareholders in the quarter and announcing preliminary 2027 upstream capital of approximately $2.5 billion with exploration and GranMorgu development accounting for roughly 60% of the year-over-year increase. The Suriname carry agreement with Total, covering 90% of GranMorgu development capital, remains the central financial flexibility lever as first oil approaches in mid-2028.
Tone: bullishRevenue
$7.2B
APA 10-K · FY 2025
Revenue FY2024
$8.2B
Headquarters
Houston, TX
Profile
APA 10-K Item 1 · Feb 26, 2026APA Corporation is an independent energy company that explores for, develops, and produces crude oil, natural gas, and natural gas liquids. The Company operates across three primary geographic segments — the U.S., Egypt, and the U.K. North Sea — with additional frontier exploration underway in Suriname, Uruguay, and Alaska. APA is organized as a holding company whose primary assets are its ownership interests in consolidated operating subsidiaries.
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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. The Company is focused on its longer-term objectives: to remain committed to providing affordable, reliable, and responsibly produced energy; to deliver top operational performance across safety, environmental responsibility, execution, and risk management measures; to maintain financial discipline by managing costs and protecting the balance sheet; and to build and grow a diverse and balanced high-quality portfolio with scale through acquisitions, exploration, and organic opportunities.
Primary products
- Crude oil
- Natural gas
- Natural gas liquids (NGLs)
Business segments
End markets
Geographies
Named customers
Revenue commentary · FY 2025
Total oil and gas revenues declined from $8,196 million in 2024 to $7,229 million in 2025, driven primarily by a 14 percent decrease in realized crude oil prices across all geographies.
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