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Updated Aug 6, 2026
APA raises Permian oil guidance to 123 Mbbl/d at unchanged $1.3B capex while lifting annualized cost savings target to $500M and projecting $2.3B free cash flow in 2026.
APA Corporation delivered a structurally stronger Q2 2026 — generating $738 million in free cash flow on production above guidance and capital below plan, with annualized run-rate savings now expected to reach $500 million at year-end versus the $450 million target set in February. The company has reduced Permian sustaining rigs from an initial 8 to 4.5, while raising full-year Permian oil guidance to 123 Mbbl/d at an unchanged $1.3 billion capital budget — the clearest evidence yet that capital efficiency gains are structural, not cyclical. With $2.3 billion of projected 2026 free cash flow, net debt expected at $3.3 billion by year-end, and GranMorgu targeting first oil in mid-2028, APA is positioned to hit its $3 billion net debt target in 2027 — well ahead of the original 3-to-4-year timeline — while committing to return at least 60% of free cash flow to shareholders.
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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