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Dec 31, 2025
APA Q4 2025 Earnings Report
APA reported solid fourth-quarter 2025 results with strong cash generation and adjusted EBITDAX, while earnings declined year-over-year.
Key Takeaways
In Q4 2025, APA generated 1991000000 in total revenues and 279000000 in net income attributable to common stock. The company delivered 808000000 in operating cash flow, 425000000 in free cash flow, and 1230000000 in adjusted EBITDAX, supported by production of 459767 BOE per day.
Generated 808000000 in net cash from operating activities and 425000000 in free cash flow.
Reported net income attributable to common stock of 279000000, or 0.79 per diluted share.
Delivered adjusted EBITDAX of 1230000000 for the quarter.
Produced 459767 BOE per day, with adjusted production of 387119 BOE per day.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, APA plans total upstream capital of 2100000000 and expects adjusted production of approximately 371000 BOE per day.
Positive Outlook
- Planned upstream capital reduced by 10% year-over-year.
- Targeting 450000000 in run-rate controllable spend savings by year-end 2026.
- GranMorgu development progressing with 230000000 allocated.
- Exploration investment of 70000000 in Suriname and Alaska.
- Egypt gas production expected to grow 13% to 15%.
Challenges Ahead
- Total adjusted production expected to decline year-over-year.
- North Sea production anticipated to decrease.
- U.S. gas volumes expected to decline.
- Production impacted by asset sales.
- Capital allocation excludes potential additional acquisitions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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