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APA Corporation USD

Independent E&P with diversified US and international exploration and production assets.

At a glance: strengths & risks
✓Revenue growing (+9% y/y, Q2 2026)✓Profit growing (+24% y/y, Q2 2026)✓Margins improving (58%→73%, Q2 2026)✓Low leverage (0.8x EBITDA)✓Commodity price +53% vs 1-yr · +6% vs 3-yr✗Only 11 years of reserves✗Priced above model value✗Pricier than own history (EV/EBITDA 3.7 vs avg 2.8)

Sector: United States — oil & gas exploration & production

Geography: United States, Egypt, United Kingdom

US_EP_APA

Price chart

51.9 USDDay 4.98%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
51.9 USD · 4.98%
Market cap
18.3 bn USD

Growth

Δ revenue y/y
9.0%
Δ EBITDA y/y
36.2%

Multiples

P/E (LTM)
10.9x
3y avg: 6.7x
P/B (FY)
3.0x
P/E (ann.)
6.1x
EV/EBITDA (LTM)
3.7x
3y avg: 2.8x
EV/EBITDA (ann.)
3.2x

Cash return

Dividend yield
1.9%
FCF yield (LTM)
9.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-67.7%
↓ details

Liquidity

Daily turnover (listing)
366.8 mln USD

Shares: sec_companyfacts/1841666

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK2373.0
y/y 9.0%
1222.0
y/y 65.8%
504.0
y/y -4.9%
1726.0
y/y 36.2%
747.0
y/y 23.9%
1706.0-569.017973.0
y/y -0.6%
7021.0
y/y 18.9%
44.3%3437.0Link
2026-03-31Q1 2026 (3M)OK2261.0
y/y -14.2%
1055.0
y/y 22.0%
553.0
y/y -14.0%
1608.0
y/y 6.6%
446.0
y/y 28.5%
554.0-542.018079.0
y/y -2.4%
6456.0
y/y 18.8%
28.4%4243.0Link
2025-12-31Q4 2025 (3M)OK2022.0
y/y -25.5%
718.0
y/y -21.7%
566.0
y/y -13.3%
1284.0
y/y -18.2%
279.0
y/y 1.8%
808.0-584.017761.0
y/y -8.4%
6093.0
y/y 15.4%
23.8%4294.0Link
2025-09-30Q3 2025 (3M)OK2115.0
y/y -16.4%
767.0
y/y —
565.0
y/y -5.0%
1332.0
y/y 194.7%
205.0
y/y —
1460.0-719.017699.0
y/y -8.7%
5965.0
y/y 16.6%
4.6%4116.0Link
2025-06-30Q2 2025 (3M)OK2178.0
y/y -14.4%
737.0
y/y -24.7%
530.0
y/y -9.9%
1267.0
y/y -19.1%
603.0
y/y 11.5%
1181.0-660.018078.0
y/y -10.5%
5905.0
y/y 8.9%
42.5%4557.0Link
2025-03-31Q1 2025 (3M)OK2636.0
y/y 35.1%
865.0
y/y 25.2%
643.0
y/y 49.5%
1508.0
y/y 34.5%
347.0
y/y 63.7%
1096.0-777.018531.0
y/y 23.9%
5436.0
y/y 108.5%
25.9%5424.0Link
2024-12-31Q4 2024 (3M)OK2714.0
y/y —
917.0
y/y —
653.0
y/y —
1570.0
y/y —
274.0
y/y —
1036.0-698.019390.0
y/y 27.2%
5280.0
y/y 98.9%
15.5%5792.0Link
2024-09-30Q3 2024 (3M)OK2531.0
y/y 9.7%
-143.0
y/y -113.5%
595.0
y/y 42.3%
452.0
y/y -69.4%
-223.0
y/y -140.2%
1339.0-930.019376.0
y/y 43.0%
5114.0
y/y 374.4%
-5.6%6406.0Link
2024-06-30Q2 2024 (3M)OK2543.0
y/y —
979.0
y/y —
588.0
y/y —
1567.0
y/y —
541.0
y/y —
877.0-756.020195.0
y/y —
5423.0
y/y —
53.9%6686.0Link
2024-03-31Q1 2024 (3M)OK1951.0
y/y —
691.0
y/y —
430.0
y/y —
1121.0
y/y —
212.0
y/y —
368.0-467.014952.0
y/y —
2607.0
y/y —
32.2%5197.0Link
2023-12-31FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
1030.0—15244.0
y/y —
2655.0
y/y —
153.0%5382.0Link
2023-09-30Q3 2023 (3M)OK2308.0
y/y —
1057.0
y/y —
418.0
y/y —
1475.0
y/y —
555.0
y/y —
764.0-628.013545.0
y/y —
1078.0
y/y —
—5597.0Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)140
Long-term debt (incl. LT leases)3 741
− Cash & equivalents444
Net debt3 437

Net debt / LTM EBITDA: 0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

02505007501 0001 2502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 3.17x of reported net profit; after capex, 0.96x.
year202320242025
cash flow / profit1.10x4.50x3.17x
accruals, % of assets-1.8%-14.5%-17.5%
Last twelve months (to 2026-06-30): 2.70x of profit came back as operating cash flow.
net debt / EBITDA 0.8x · EBIT covers interest 9.6x · capex 1.3x of depreciation · dividends 30% of free cash flow · share count +7.8% a year
● Diluted share count grew 7.8% a year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
1 056 mln boe
2025
Reserve life (R/P)
10.8 yrs
reserves ÷ annual output
Annual production
97.92 mln boe
2023

Production, mln boe

357.802020383.332021348.18202297.922023

Proved reserves

YearReserves, mln boe
20251 056
2024969
2023807
2022890
2021913
2020368.34

Production

YearProduction, mln boeper day, mln boe
202659.06 * (6M)
−30.5%		0.32
2025127.22 * (9M)
+152.7%		0.46
202450.34 * (9M)
−35.0%		0.18
202397.92
−71.9%		0.27
2022348.18
−9.2%		0.95
2021383.33
+7.1%		1.05
2020357.800.98

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 117spot vs LTM +42%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -67.7% ▼ -0.0 pp 1d

Main driver: Brent +53% vs LTM; revenue ×1.38 vs costs ×1.15; EBITDA 5 950→7 541; at 2.0× EV/EBITDA → -68%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+55%116.7276.5181.20+53%+6%
Henry Hub Gas (rev)+19%2.633.383.12-22%-8%
Brent (cost)-15%116.7276.5181.20+53%+6%
WTI Crude Oil (rev)+14%103.4471.9676.71+44%+7%
Propane (Texas, USD/gallon) (rev)+13%1.130.700.78+61%+10%
Henry Hub Gas (cost)-8%2.633.383.12-22%-8%
Propane (Texas, USD/gallon) (cost)-6%1.130.700.78+61%+10%
WTI Crude Oil (cost)-4%103.4471.9676.71+44%+7%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue8 771
LTM EBITDA5 950
LTM cash costs (revenue − EBITDA)2 821
2 · Revenue projection
Revenue multiplier — spot×1.382 (+38%)
= Spot revenue12 117
Revenue multiplier — 3y price×1.041 (+4%)
= 3-year-price revenue9 128
3 · Costs projection
Cost multiplier — spot×1.146 (+15%)
= Spot cash costs3 233
Cost multiplier — 3y price×1.039 (+4%)
= 3-year-price cash costs2 931
4 · EBITDA projection (revenue − costs)
= Spot EBITDA8 885
= 3-year-price EBITDA6 197
Conservative EBITDA = min(spot, avg)7 541
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.0x
Target EV = EV/EBITDA × conservative EBITDA15 458
Net debt3 299
Target market cap = EV − net debt12 065
Current market cap19 617

Upside = target market cap ÷ current − 1 = -67.7%

Life of mine: 7 yrs — before haircut -38.5%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q42 7142 282+18.9%1 5701 077+45.7%
2025 Q12 6362 661-0.9%1 5081 326+13.7%
2025 Q22 1782 482-12.2%1 2671 137+11.4%
2025 Q32 1152 331-9.3%1 3321 026+29.8%
2025 Q42 0222 260-10.6%1 2841 270+1.1%
2026 Q12 2612 379-5.0%1 6081 464+9.9%
2026 Q22 3732 711-12.5%1 7261 869-7.7%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

Prod. CAGR (2 yr): +6.3%

464.4451.0437.7424.4411.0202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves CAGR (2 yr): +8.5% · Reserves life (R/P): 6.2 yr

10561016976.5936.8897.0202320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-31464.41,056734322
2024-12-31455969669300
2023-12-31411897——

2025-12-31 · FY

Production & proved reserves

Production: SEC SRT ProvedDevelopedAndUndevelopedReservesProduction (MBbls, thousands of bbl/yr → Mboe/d). Proved reserves: SRT ProvedDevelopedAndUndevelopedReservesNet (MBbls) ÷ 1000 → MMboe; filing narrative rounds to ~1.1 Bn BOE including gas conversion.

Line itemAmount
Crude oil equivalent (net, Mboe/d)464.4
Proved reserves (net, MMboe)1,056
Proved developed (net, MMboe)734
Proved undeveloped (net, MMboe)322

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Items 1 & 2 'Production, Pricing, and Lease Operating Cost Data' worldwide Total row (apa-20251231.htm).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil86.6 MMBbls66.92 USD/bbl5,795.380.4%
Natural gas327,300 MMcf2.36 USD/Mcf772.410.7%
NGLs28.3 MMBbls22.71 USD/bbl642.78.9%
Total (implied product revenue)7,210.4100.0%

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization2,304USD mln
General & administrative350USD mln
Exploration expense131USD mln
Income tax expense (benefit)1,099USD mln
Total costs and expenses (consolidated)6,429USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

Reported-basis FY2024 production; worldwide proved reserves at 2024-12-31 per Item 1 / reserves discussion in Form 10-K.

Line itemAmount
Crude oil equivalent (net, Mboe/d)455
Proved reserves (net, MMboe)969
Proved developed (net, MMboe)669
Proved undeveloped (net, MMboe)300

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

Same APA worldwide Total row, 2024 column from FY2025 10-K (apa-20251231.htm).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil89.3 MMBbls78.08 USD/bbl6,972.585.0%
Natural gas298,100 MMcf1.97 USD/Mcf587.37.2%
NGLs27.4 MMBbls23.37 USD/bbl640.37.8%
Total (implied product revenue)8,200.1100.0%

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization2,266USD mln
General & administrative372USD mln
Exploration expense313USD mln
Income tax expense (benefit)417USD mln
Total costs and expenses (consolidated)8,202USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

FY2023 production and proved reserves — Form 10-K 2023 (approximate headline figures).

Line itemAmount
Crude oil equivalent (net, Mboe/d)411
Proved reserves (net, MMboe)897

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

Same APA worldwide Total row, 2023 column from FY2025 10-K (apa-20251231.htm).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil74 MMBbls80.72 USD/bbl5,973.381.2%
Natural gas302,300 MMcf2.91 USD/Mcf879.712.0%
NGLs23.4 MMBbls21.54 USD/bbl5046.9%
Total (implied product revenue)7,357100.0%

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization1,540USD mln
General & administrative351USD mln
Exploration expense195USD mln
Income tax expense (benefit)-324USD mln
Total costs and expenses (consolidated)5,309USD mln

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -8% vs +17% the year before — a -25.0 pp move. 3-year CAGR —.
revenue growth by year: 2024 +17% · 2025 -8%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 2.6x · target 75th pct (3y) 2.0x · LTM avg 3.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: energy (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Matador Resources CompanyUS7.43.5x
Chord Energy CorporationUS8.73.6x
SM Energy CompanyUS9.54.8x
Permian Resources CorporationUS19.25.4x
Ovintiv Inc.US20.05.4x
EQT CorporationUS34.86.0x
Devon Energy CorporationUS40.06.2x
EOG Resources, Inc.US86.26.5x
Antero Resources CorporationUS12.47.3x
Range Resources CorporationUS10.78.0x
Canadian Natural Resources LimitedUS115.58.6x
Diamondback Energy, Inc.US57.710.8x
Group median6.1x
Group average6.3x
This companyUS18.33.7x

Group median 6.1x; this company 3.7x — a 40% discount.

Group average 6.3x; against the average this company is at a 42% discount.

At the adjusted group median the market cap would be +82% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 18.6x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-24; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-10-220.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2026-07-220.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2026-04-220.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2026-01-220.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2025-10-220.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2025-07-220.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2025-04-220.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2025-01-220.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-10-220.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-07-220.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-04-190.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-01-190.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2023-10-200.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2023-07-200.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2023-04-200.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2023-01-200.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2022-10-200.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2022-07-210.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2022-04-210.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2022-01-200.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://investor.apacorp.com/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of APA Corporation — from primary filings.

Frequently asked questions

What is APA Corporation's P/E ratio?
APA Corporation trades at a P/E of 10.9x (price to trailing 12-month earnings).
What is APA Corporation's EV/EBITDA?
APA Corporation trades at 3.7x EV/EBITDA.
What is APA Corporation's P/B ratio?
APA Corporation trades at a P/B of 3.0x.
What is APA Corporation's dividend yield?
APA Corporation's trailing 12-month dividend yield is 1.9%.
What is APA Corporation's return on equity (ROE)?
APA Corporation's ROE is 44.3%.
What is APA Corporation's market capitalization?
APA Corporation's market cap is 18.3 bn USD.

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