Fourth-quarter and full-year 2025 highlights 

• Reported production of 460,000 barrels of oil equivalent (BOE) per day in the fourth quarter; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 387,000 BOE per day;
• Delivered U.S. oil production of 132,000 barrels per day in the fourth quarter, driven by improved run-time, incremental completion activity, and milder-than-normal weather; grew Egypt gross gas production by approximately 10% year-over-year;
• Completed comprehensive assessment of Permian inventory, validating approximately 10 years of economic inventory with substantial technical upside;
• In the fourth quarter, generated $808 million net cash provided by operating activities, $425 million of free cash flow and $1.2 billion of adjusted EBITDAX;
• For full-year 2025, delivered $4.5 billion net cash provided by operating activities, $1.0 billion of free cash flow and $5.4 billion of adjusted EBITDAX;
• Reduced total debt to less than $4.5 billion and net debt to less than $4 billion at year-end; returned $640 million to shareholders in 2025, representing more than 60% of free cash flow; and
• Achieved $350 million in run-rate controllable spend savings by year-end 2025, two years earlier than initially anticipated. Now targeting $450 million run-rate controllable spend savings by year-end 2026.

2026 outlook

• Planned total upstream capital of $2.1 billion, a 10% reduction compared to 2025; includes $230 million for GranMorgu development and $70 million for exploration in Suriname Block 58 and Alaska; and
• Total adjusted production expected to be 371,000 BOE per day; a year-over-year decline primarily driven by North Sea, U.S. gas volumes and asset sales.

HOUSTON, Feb. 25, 2026 – APA Corporation (Nasdaq: APA) today announced its financial and operational results for the fourth-quarter and full-year 2025. During the fourth-quarter 2025, APA reported net income attributable to common stock of $279 million, or $0.79 per share on a fully diluted basis. When adjusted for certain items that impact the comparability of results, APA’s fourth-quarter earnings totaled $324 million or $0.91 on a diluted share basis.

Fourth-quarter reported production was 460,000 BOE per day and adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 387,000 BOE per day. U.S. oil production averaged 132,000 barrels per day in the quarter, reflecting incremental completion activity, improved run-time and milder-than-normal weather.

In the fourth quarter, adjusted EBITDAX was $1.2 billion, free cash flow totaled $425 million and APA returned $154 million to shareholders through dividends and share repurchases.

For the full-year 2025, reported production averaged 464,000 BOE per day and adjusted production averaged 392,000 BOE per day. Further adjusted for non-core U.S. asset sales, full-year 2025 adjusted production averaged 386,000 BOE per day. 2025 adjusted EBITDAX was $5.4 billion, free cash flow totaled $1.0 billion, and APA returned $640 million through dividends and share repurchases. At year-end 2025, APA’s net debt was under $4.0 billion.

CEO commentary
“The progress we delivered in 2025 reflects a fundamental transformation of APA’s base business over the past several years. We have high-graded the portfolio, significantly reduced our cost structure, strengthened the balance sheet, and further advanced our exploration efforts, resulting in a more focused, resilient, and capital-efficient company,” said John J. Christmann IV, APA’s CEO.

Permian inventory update
The company completed a comprehensive assessment of its Permian inventory position, highlighting 10 years of economic inventory at its current cost structure and validating significant technical upside. “During the year, we conducted a thorough review of our Permian Basin inventory, incorporating our improved cost structure,” said Christmann. “This work confirmed the depth and quality of our drilling opportunities and validated substantial upside potential. It also increased our confidence in our ability to sustain oil production for the next decade while delivering competitive capital efficiency.”

2026 capital budget and outlook
APA plans to invest $2.1 billion in total upstream capital, a 10% reduction versus 2025, reflecting momentum from ongoing cost savings and lower Permian activity. This includes $230 million for the GranMorgu development and $70 million for exploration.

U.S. oil production is expected to average 120,000 to 122,000 barrels per day, a slight improvement from the preliminary outlook provided in November. Permian development capital is expected to be $1.2 billion, plus an additional investment of $100 million toward projects designed to sustainably reduce LOE over time.

In Egypt, gross production is expected to slightly grow year-over-year, with gas production expected to grow 13% to 15%, reflecting an increasing shift to more gas-focused drilling activity. Adjusted production is expected to remain consistent at 72,000 BOE per day. These figures include impacts related to the recent withdrawal from a non-core concession outside of the Merged Concession Area.

“Turning to 2026, our strategic priorities are clear, and our capital plan is disciplined. We will sustain operational momentum, further reduce our cost structure, continue strengthening our balance sheet, and invest in the future through exploration,” concluded Christmann.

Year-end 2025 proved reserves
Worldwide estimated proved reserves grew 9% to 1,056 million BOE at year-end 2025, of which 734 million BOE were classified as proved developed.

Conference call
APA will host a conference call to discuss its fourth-quarter and full-year 2025 results at 10 a.m. Central time, Thursday, Feb. 26. The conference call will be webcast from APA’s website at www.apacorp.com and investor.apacorp.com. Following the conference call, a replay will be available for one year on the “Investors” page of the company’s website.

About APA
APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com.

Additional information
Additional information follows, including reconciliations of adjusted earnings, adjusted EBITDAX, upstream capital investment, net debt, cash flows from operations before changes in operating assets and liabilities, and free cash flow (non-GAAP financial measures) to GAAP measures and information regarding adjusted production. APA’s quarterly supplement is available at http://www.apacorp.com/financialdata.

Non-GAAP financial measures
APA’s financial information includes information prepared in conformity with generally accepted accounting principles (GAAP) as well as non-GAAP financial information. It is management’s intent to provide non-GAAP financial information to enhance understanding of our consolidated financial information as prepared in accordance with GAAP. Adjusted earnings, adjusted EBITDAX, upstream capital investment, net debt, cash flows from operations before changes in operating assets and liabilities and free cash flow are non-GAAP measures. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure.

Forward-looking statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “upside,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset sales, monetizations, and inventory quantity, life, and quality. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in APA’s Form 10-K for the year ended December 31, 2024, in our quarterly reports on Form 10-Q, and in APA’s Form 10-K for the year ended December 31, 2025, when filed, for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

Cautionary note to investors
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable, and possible reserves that meet the SEC's definitions for such terms. APA may use certain terms in this news release, such as "resources," "potential resources," "resource potential," "estimated net reserves," "recoverable reserves," and other similar terms that the SEC guidelines strictly prohibit APA from including in filings with the SEC. Such terms do not take into account the certainty of resource recovery, which is contingent on exploration success, technical improvements in drilling access, commerciality, and other factors, and are therefore not indicative of expected future resource recovery and should not be relied upon. Investors are urged to consider carefully the disclosure in APA’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024, and APA’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025, when filed, available from APA at www.apacorp.com or by writing APA at: 2000 W. Sam Houston Pkwy. S., Suite 200, Houston, TX 77042 (Attn: Corporate Secretary). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.

Click here for the full release with quarterly financial statements.

Contacts

Investor: (281) 302-2286
Media: (713) 296-7276
Website: www.apacorp.com

APA-F

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