UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM SD
SPECIALIZED DISCLOSURE REPORT
APA CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 1-40144 | 86-1430562 | ||||||||||||
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
2000 W. Sam Houston Pkwy. S., Suite 200, Houston, Texas 77042-3615
(Address of principal executive offices) (Zip Code)
Robert Rayphole (713) 296-6160
(Name and telephone number, including area code, of the person to
contact in connection with this report.)
Check the appropriate box to indicate the rule pursuant to which this Form is being submitted, and provide the period to which the information in this Form applies:
☐ Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January 1 to December 31, _________.
☒ Rule 13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for the fiscal year ended December 31, 2023.
SECTION 2. RESOURCE EXTRACTION ISSUER DISCLOSURE
Item 2.01 Resource Extraction Issuer Disclosure and Report
Disclosure of Payments by Resource Extraction Issuers
APA Corporation’s consolidated subsidiaries are engaged in exploration and production (Upstream) activities across three operating segments grouped by geographic areas: the U.S., Egypt, and offshore the U.K. in the North Sea. The Company’s Upstream business explores for, develops, and produces crude oil, natural gas, and natural gas liquids. The payment disclosure required by Item 2.01 of Form SD is included as Exhibit 99.1 hereto.
SECTION 3. EXHIBITS
Item 3.01 Exhibits
The following exhibit is furnished as part of this report:
| Exhibit No. | Description | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the duly authorized undersigned.
| APA CORPORATION | |||||||||||
| Dated: | September 26, 2024 | /s/ STEPHEN J. RINEY | |||||||||
| Stephen J. Riney | |||||||||||
| President and Chief Financial Officer | |||||||||||
| (Principal Financial Officer) | |||||||||||
Exhibit 99.1
Resource Extraction Payment Report
Government-level disclosure
All payments are made out of APA Corporation's three operating segments: the U.S., Egypt, and offshore the U.K. in the North Sea.
The table below sets forth our payments made to governments for the fiscal year ended December 31, 2023, by country and type of payment.
| For the Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Government Entity | Subnational Jurisdiction(2) | Taxes | Royalties | Fees | Production Entitlements | Bonuses | Total | |||||||||||||||||||||||||||||||||||||
(U.S. $ in thousands)(1) | ||||||||||||||||||||||||||||||||||||||||||||
United States | ||||||||||||||||||||||||||||||||||||||||||||
| Bureau of Safety & Environmental Enforcement | Offshore – Gulf of Mexico – Texas | $ | — | $ | — | $ | 182 | $ | — | $ | — | $ | 182 | |||||||||||||||||||||||||||||||
| Office of Natural Resources Revenue | Offshore – Gulf of Mexico – Texas | — | 5,690 | 1 | — | — | 5,691 | |||||||||||||||||||||||||||||||||||||
| Office of Natural Resources Revenue | Onshore – New Mexico | — | 40,861 | 12 | — | — | 40,873 | |||||||||||||||||||||||||||||||||||||
| United Kingdom | ||||||||||||||||||||||||||||||||||||||||||||
HM Revenue & Customs (HMRC) | Offshore – North Sea – Great Britain | 435,840 | — | — | — | — | 435,840 | |||||||||||||||||||||||||||||||||||||
| Aberdeen City Council Business Rate | Offshore – North Sea – Great Britain | — | — | 1,103 | — | — | 1,103 | |||||||||||||||||||||||||||||||||||||
Department For Business, Energy, & Industrial Strategy | Offshore – North Sea – Great Britain | — | — | 344 | — | — | 344 | |||||||||||||||||||||||||||||||||||||
| Egypt | ||||||||||||||||||||||||||||||||||||||||||||
| Egyptian General Petroleum Corporation | Onshore – Egypt – Western Desert | — | — | 8,800 | 465,284 | 10,000 | 484,084 | |||||||||||||||||||||||||||||||||||||
Egyptian Tax Authority | Onshore – Egypt – Western Desert | 843,606 | — | — | — | — | 843,606 | |||||||||||||||||||||||||||||||||||||
| $ | 1,279,446 | $ | 46,551 | $ | 10,442 | $ | 465,284 | $ | 10,000 | $ | 1,811,723 | |||||||||||||||||||||||||||||||||
(1) All payments are reported in U.S. dollars. Payments made in currencies other than in U.S. dollars have been converted to U.S. dollars using the exchange rate existing at the time the payment was made.
(2) Projects are disclosed by subnational political jurisdiction as all payments have the same type of resource (oil/natural gas) and extraction method (well).