Apa Corporation · NASDAQ:APA
Apa — Q1 2026 Earnings Presentation
13 slides from Apa's earnings presentation, May 7, 2026
Slide 1: APA Corporation Announces First-Quarter 2026 Financial and Operational Results
APA Corporation Announces First-Quarter 2026 Financial and Operational Results First-quarter 2026 and recent highlights • Reported production of 442,000 barrels of oil equivalent (BOE) per day in the first quarter; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, wa
Slide 2: Debt management, CEO commentary and second-quarter and full-year update
APA CORPORATION ANNOUNCES FIRST-QUARTER 2026 FINANCIAL AND OPERATIONAL RESULTS — PAGE 2 of 4 Debt management and shareholder return Through April 2026, APA repaid $634 million in near-term bond maturities. Combined with deleveraging actions in 2025, this is expected to reduce annual interest expense
Slide 3: About APA, non-GAAP measures and forward-looking statements
APA CORPORATION ANNOUNCES FIRST-QUARTER 2026 FINANCIAL AND OPERATIONAL RESULTS — PAGE 3 of 4 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
Slide 4: Forward-looking statements (continued)
APA CORPORATION ANNOUNCES FIRST-QUARTER 2026 FINANCIAL AND OPERATIONAL RESULTS — PAGE 4 of 4 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
Slide 5: Statement of Consolidated Operations
APA CORPORATION STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) (In millions, except per share data) For the Quarter Ended March 31, 2026 2025 REVENUES AND OTHER: Oil, natural gas, and natural gas liquids production revenues Oil revenues $ 1,644 $ 1,600 Natural gas revenues 157 233 Natural gas liqu
Slide 6: Production Information
APA CORPORATION PRODUCTION INFORMATION For the Quarter Ended % Change March 31, December 31, March 31, 1Q26 to 1Q26 to 2026 2025 2025 4Q25 1Q25 OIL VOLUME - Barrels per day United States 123,898 132,001 125,124 (6)% (1)% Egypt (1,2) 86,736 88,952 86,173 (2)% 1% North Sea 21,336 22,744 25,206 (6)% (1
Slide 7: Adjusted Production Information
APA CORPORATION ADJUSTED PRODUCTION INFORMATION Adjusted production excludes certain items that management believes affect the comparability of operating results for the periods presented. Adjusted production excludes production attributable to 1) noncontrolling interest in Egypt and 2) Egypt tax ba
Slide 8: Price Information
APA CORPORATION PRICE INFORMATION For the Quarter Ended March 31, December 31, March 31, 2026 2025 2025 AVERAGE OIL PRICE PER BARREL United States $ 72.53 $ 59.97 $ 72.45 Egypt 86.01 62.11 75.06 North Sea 84.67 63.18 75.30 Total 78.69 61.03 73.73 AVERAGE NATURAL GAS PRICE PER MCF United States $ (0.
Slide 9: Supplemental Financial Information
APA CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited) (In millions) SUMMARY EXPLORATION EXPENSE INFORMATION For the Quarter Ended March 31, 2026 2025 Unproved leasehold impairments $ 1 $ — Dry hole expense 11 11 Geological and geophysical expense 2 4 Exploration overhead and other 12 15 $ 2
Slide 10: Supplemental Financial Information: cash flow and balance sheet
APA CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited) (In millions) SUMMARY CASH FLOW INFORMATION For the Quarter Ended March 31, 2026 2025 Net cash provided by operating activities $ 554 $ 1,096 Additions to upstream oil and gas property (542) (777) Leasehold and property acquisitions (4)
Slide 11: Non-GAAP Financial Measures: upstream capital investment
APA CORPORATION NON-GAAP FINANCIAL MEASURES (In millions) Reconciliation of Costs incurred to Upstream capital investment Management believes the presentation of upstream capital investments is useful for investors to assess APA’s expenditures related to our upstream capital activity. We define capi
Slide 12: Non-GAAP Financial Measures: Adjusted EBITDAX
APA CORPORATION NON-GAAP FINANCIAL MEASURES (In millions) Reconciliation of Net cash provided by operating activities to Adjusted EBITDAX Management believes EBITDAX, or earnings before income tax expense, interest expense, depreciation, amortization and exploration expense is a widely accepted fina
Slide 13: Reconciliation to Adjusted earnings
APA CORPORATION STATEMENT OF CONSOLIDATED OPERATIONS (In millions, except per share data) Reconciliation of Income attributable to common stock to Adjusted earnings Our presentation of adjusted earnings and adjusted earnings per share are non-GAAP measures because they exclude the effect of certain