olivLaw · US equity research
APA APA
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
APA Corporation is an independent energy company that explores, develops and produces crude oil, natural gas and NGLs, with operations in the U.S., Egypt and the North Sea. In fiscal 2025 it reported oil and gas revenues of 7.229 billion USD and net income of 3.99 USD per diluted share. For the second quarter of 2026 it reported net income of 2.11 USD per diluted share.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, APA (APA) stock was 44.49 USD (−6.87% on the day), with market capitalisation 15.6 bn USD, P/E 9.4 on diluted EPS of 4.73 USD over the last 12 months, dividend yield 2.25%, beta 0.76, 52-week range 21.66–52.82 USD. Latest reported quarter (Q2 2026): net income of 747.0 m USD (+23.9% YoY), diluted EPS 2.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.9
- weak (30–45)
- Bollinger (20, 2)
- 44.47 – 53.48
- in the lower half of the band · %B 0.00 · band width 18.4%
- SMA 50 / 200
- 45.82 / 38.05
- mixed trend
- MACD (12, 26, 9)
- 0.98 / 1.63
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.5% | −1.1% | +2.6 pp | — |
| 3 months | +28.4% | −0.5% | +28.8 pp | — |
| 6 months | +16.2% | +4.4% | +11.8 pp | — |
| Year to date | +81.9% | +12.3% | +69.6 pp | — |
| 1 year | +101.4% | +13.5% | +87.9 pp | +28.1% |
| 3 years | +11.3% | +76.4% | −65.1 pp | +19.0% |
| 5 years | +48.8% | +63.7% | −14.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Operating income | -143.0 m | 917.0 m | 865.0 m | 739.0 m | 767.0 m | 718.0 m | 1.1 bn | 1.3 bn |
| Depreciation & amortisation | 595.0 m | 653.0 m | 643.0 m | 530.0 m | 565.0 m | 566.0 m | 553.0 m | 504.0 m |
| Interest expense | 109.0 m | 100.0 m | 91.0 m | 86.0 m | 72.0 m | 74.0 m | 70.0 m | 69.0 m |
| Pre-tax income | -340.0 m | 500.0 m | 763.0 m | 1.0 bn | 511.0 m | 489.0 m | 830.0 m | 1.3 bn |
| Net income | -223.0 m | 354.0 m | 347.0 m | 603.0 m | 205.0 m | 279.0 m | 446.0 m | 747.0 m |
| Diluted EPS | -0.60 | 0.96 ≈ | 0.96 | 1.67 | 0.57 | 0.79 ≈ | 1.26 | 2.11 |
| Operating cash flow | 1.3 bn ≈ | 1.0 bn | 1.1 bn | 1.2 bn ≈ | 1.5 bn ≈ | 808.0 m | 554.0 m | 1.7 bn ≈ |
| Dividends paid | 92.0 m | 93.0 m | 91.0 m | 90.0 m | 90.0 m | 89.0 m | 88.0 m | 88.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 77 percentile of its own 22-quarter history (min 3.2, median 6.1, max 142.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -3.7 bn | -4.9 bn | 1.3 bn | 4.1 bn | 2.9 bn | 804.0 m | 1.4 bn |
| Net income YoY | unavailable | unavailable | unavailable | +210.9% | −30.1% | −71.8% | +78.4% |
| Diluted EPS | -9.43 | -12.86 | 2.59 | 11.02 | 9.25 | 2.27 | 3.99 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +325.5% | −16.1% | −75.5% | +75.8% |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 516.0 m USD
- Financial debt
- 213.0 m USD
- Net debt
- -303.0 m USD
- Equity
- 7.0 bn USD
- Total assets
- 17.8 bn USD
- Debt / equity
- 0.03x
- Current ratio
- 0.82x
- ROE
- 21.5%
- ROA
- 7.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating income | -4.1 bn | 2.9 bn | 5.6 bn | 3.7 bn | 2.4 bn | 3.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 1.8 bn | 1.4 bn | 1.2 bn | 1.5 bn | 2.3 bn | 2.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -2.3 bn ≈ | 4.2 bn ≈ | 6.8 bn ≈ | 5.2 bn ≈ | 4.7 bn ≈ | 5.4 bn ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 438.0 m | 419.0 m | 332.0 m | 351.0 m | 402.0 m | 323.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -4.8 bn | 1.9 bn | 5.7 bn | 2.9 bn | 1.5 bn | 2.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 64.0 m | 578.0 m | 1.7 bn | -324.0 m | 417.0 m | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -4.9 bn | 1.3 bn | 4.1 bn | 2.9 bn | 804.0 m | 1.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -12.86 | 2.59 | 11.02 | 9.25 | 2.27 | 3.99 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 378.0 m | 375.0 m | 333.0 m | 309.0 m | 353.0 m | 359.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.10 | 0.24 | 0.75 | 1.00 | 1.00 | 1.00 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 262.0 m | 302.0 m | 245.0 m | 87.0 m | 625.0 m | 516.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | — | — | 1.5 bn | 1.6 bn | 2.0 bn | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 492.0 m | 473.0 m | 427.0 m | 453.0 m | 425.0 m | 351.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 1.8 bn | 2.4 bn | 2.7 bn | 2.5 bn | 3.4 bn | 2.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 8.8 bn | — | — | — | — | — | SEC (XBRL)· 07 May 2021verified |
| Goodwill | 0 | 0 | 0 | — | — | — | SEC (XBRL)· 23 Feb 2023verified |
| Total assets | 12.7 bn | 13.3 bn | 13.1 bn | 15.2 bn | 19.4 bn | 17.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 444.0 m | 731.0 m | 771.0 m | 658.0 m | 1.2 bn | 871.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 2.0 m | 215.0 m | 2.0 m | 2.0 m | 53.0 m | 213.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 8.8 bn | — | — | — | — | — | SEC (XBRL)· 07 May 2021verified |
| Current liabilities | 1.3 bn | 2.1 bn | 2.9 bn | 2.4 bn | 3.0 bn | 2.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | -645.0 m | -717.0 m | 1.3 bn | 3.7 bn | 6.4 bn | 7.0 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.4 bn | 3.5 bn | 4.9 bn | 3.1 bn | 3.6 bn | 4.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Investing cash flow | -1.5 bn | -833.0 m | -1.5 bn | -2.1 bn | -924.0 m | -2.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 93.0 m | -2.6 bn | -3.5 bn | -1.1 bn | -2.2 bn | -2.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 123.0 m | 52.0 m | 207.0 m | 308.0 m | 353.0 m | 360.0 m | SEC (XBRL)· 26 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 72 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 15.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation88
- Returns33
- Quality100
- Balance sheet82
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 45.17 – 101.35 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA97.99 – 101.35 (Mid 101.21)3 companies used · median multiple 5.8x · quartiles 5.6x – 5.8xEOG, EQT, OVV
- Peers: P/E45.17 – 59.42 (Mid 54.14)7 companies used · median multiple 11.4x · quartiles 9.5x – 12.6xDVN, EOG, EQT, EXE, OVV, OXY, PR
- Dividend discount (DDM)outside the aggregate13.14 – 17.67 (Mid 15.07)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 72/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 33.9% | 100 (vs peers) | 16% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | -28.7% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | -0.1x | 100 (vs peers) | 16% |
| Interest coverage · Balance sheet | 13.4x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 0.9x | 12 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 9.4x | 75 (vs peers) | 16% |
| EV/EBITDA · Valuation | 2.5x | 100 (vs peers) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.3% | 33 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet82/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partial33/100 · 1/2 factors with a value
- Valuation88/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
APA CORPORATION (APA). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: ROE 25.9%; net debt/EBITDA -0.1x.
The estimated value range is 71.58–80.39 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 77.68 USD, the price of 44.49 USD leaves a potential of 74.6% (value / price − 1) and a margin of safety of 42.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 72/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, quality, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 33.9%
- Net debt / EBITDA: -0.1x
- Interest coverage: 13.4x
- P/E (TTM): 9.4x
- EV/EBITDA: 2.5x
- The price is below the estimated value range
What contradicts it
- EPS CAGR 3Y: -28.7%
- Current ratio: 0.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 8 companies
Only companies with a capitalisation between 2.2 bn and 138.6 bn (within 8× of the company's); 74 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EOGEog Resources, Inc. | 77.1 bn | 11.4 | 22.5% | 25.4% | −4.5% | +36% / +19% |
| OXYOccidental Petroleum Corporation | 57.3 bn | 8.6 | 18.9% | 33.7% | −1.9% | +37% / −3% |
| FANGDiamondback Energy, Inc. | 51.1 bn | 25.0 | 5.3% | 11.0% | +35.8% | +20% / +18% |
| DVNDevon Energy Corp | 48.5 bn | 10.5 | 11.5% | 16.7% | +7.8% | +19% / −2% |
| EQTEqt Corporation | 32.9 bn | 12.5 | 10.9% | 28.4% | +63.9% | −14% / +31% |
| EXEExpand Energy Corporation | 20.2 bn | 7.6 | 14.6% | 19.8% | +186.3% | −28% / +9% |
| PRPermian Resources Corporation | 18.8 bn | 14.9 | 11.5% | 21.5% | +1.3% | +55% / +71% |
| OVVOvintiv Inc. | 16.8 bn | 12.7 | 12.1% | 12.8% | −2.7% | +53% / +41% |
| APAApa Corporation | 15.6 bn | 9.4 | 25.9% | — | unavailable | +101% / +11% |
1- and 3-year price returns: for APA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Oct 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
APA Corporation is an independent energy company that explores, develops and produces crude oil, natural gas and NGLs, with operations in the U.S., Egypt and the North Sea 1. In fiscal 2025 it reported oil and gas revenues of 7.229 billion USD and net income of 3.99 USD per diluted share 1. For the second quarter of 2026 it reported net income of 2.11 USD per diluted share 2.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Commodity price volatilityhigh
Oil, gas and NGL prices depend on external factors and could fall sharply, affecting revenues and asset values 1.
- Operational hazardshigh
Drilling and transport carry risks of accidents, pollution and production interruptions that insurance does not fully cover 1.
- Exploration riskmedium
Projects in Alaska, Suriname and Uruguay could face delays, litigation or unfavourable exploration results 1.
- Cybersecuritymedium
Cyberattacks could disrupt operations and financial reporting systems 1.
- Hedging instrumentslow
Hedging contracts could limit gains from price increases and can add earnings volatility 1.
Investment thesis
What would need to be true (bull case)
- If prices stay firm and cost savings are delivered, cash flow could continue to support shareholder returns and debt reduction 12.
- Expansion in Egypt and Alaska could add production volumes and longer-term reserves 12.
- Financial discipline and the portfolio reshaping could improve the quality of the asset base 12.
What would break the thesis
- If oil and gas prices stay low for an extended period, revenues and investment capacity could be squeezed 1.
- Production in some regions has declined, and recovery may require extra investment if the trend persists 12.
- Compliance costs for environmental and climate rules could rise and compress margins 1.
What to watch
- Closing of the Savant Alaska acquisition and its effect on Alaska productionby year-end 2026
- Delivery of the cost savings target of 500 million USD2026
- Realized oil and gas prices in the coming quartersQ4 2026
- Results of the first exploration well in Uruguay2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Oct 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
Portfolio strategy includes acquisitions and divestitures, such as the sale of New Mexico Permian assets in the second quarter of 2025 1. The company also agreed to acquire Savant Alaska, LLC, which would add acreage and production in Alaska if the transaction closes by year-end 2026 2.
The cost reduction program launched in the first quarter of 2025 produced annualized savings that the company has raised to 500 million USD by the end of 2026, per its latest guidance 2. These savings support the company's capacity to fund its capital program and return cash to shareholders 12.
Market context
Trends
- Price volatilitymixed
Oil and gas prices swung sharply in 2025, which could weigh on revenues and asset values if prices fall 1. Higher realized prices supported profit in the first half of 2026 2.
- Energy transition policiesheadwind
Methane fees, carbon pricing and other climate rules could raise operating costs if implemented 1.
- Egypt gas demand and agreementstailwind
The new gas sales agreement with the Government of Egypt could support gas development if economic terms remain favorable 12.
- Geopolitics and trademixed
Armed conflicts in the Middle East and trade tariffs may influence oil demand and prices in uncertain ways 2.
Competitive position
APA competes with other independent oil and gas producers, especially in the Permian Basin and in offshore exploration 1. Competition for acreage and equipment can influence costs and drilling pace 1.
In international markets the company competes for exploration licences and strategic partnerships, such as the Uruguay Block 6 arrangement with a major partner 2. Its competitive position depends on production costs and access to infrastructure 1.
- Independent Permian Basin operators
Companies producing in the same Texas and New Mexico areas and competing for acreage and equipment 1.
- Offshore exploration companies
Operators competing for exploration licences in areas such as Suriname and Uruguay 2.
- Midstream and transport providers
Companies whose transport and processing capacity shapes market access for hydrocarbon producers 1.
- Gas buyers and partners
Counterparties competing for gas supply contracts and favourable market terms 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- APA Corp. (APA) Cuts Rigs In Half And Still Raises Its Oil ForecastYahoo Finance — News · 18 Sept 2026 · EN
The latest news item in our archive is from 18 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report07 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report08 Jul 2026Results of operations · Financial statements and exhibits
- Current report26 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Current report14 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement09 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / APA · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / APA · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / APA · 07 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.