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APA Corporation’s producing operations are in the United States, Egypt and the U.K. North Sea. Its U.S. business, centered on West Texas’s Permian Basin, supplies most of its oil and gas production revenue. Subsidiaries develop fields and sell crude oil mainly to oil companies, marketers and refiners, while gas goes to utilities, distributors and other energy buyers. Crude oil carries most of production revenue; natural gas and natural gas liquids contribute less. U.S. sales prices generally follow market benchmarks, so cash generation depends on commodity prices, pipeline access and continued investment to replace declining well production.
Egypt is its other major source of production revenue. Under production-sharing contracts, APA funds exploration and production, then receives oil and gas to recover costs and a share of the remaining production. The contracts limit how much production can go toward cost recovery. EGPC buys substantially all its Egyptian gas and is a significant customer for the company overall. Egyptian crude goes to export buyers or to EGPC for domestic demand.
The North Sea is a smaller producing business. APA has stopped new drilling there because taxes, regulatory requirements and infrastructure upgrades made further investment uneconomic, and it plans to end production. In Suriname, APA is developing the GranMorgu oil project with operator TotalEnergies, which funds a larger share of development costs. Suriname does not yet contribute production.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Beyond commodity prices and Permian drilling returns, watch EGPC’s Egyptian gas purchases and concession terms: APA depends on both, while Sinopec owns one-third of its Egyptian operating joint venture.
Diamondback Energy faces the same Permian oil-price and drilling-cost pressures as APA; both develop oil and gas acreage through large drilling programs in the Midland and Delaware basins. Watch Diamondback’s well productivity and development costs as a comparison for APA’s largest source of production and cash flow.
Devon Energy and APA share exposure to Delaware Basin drilling returns and market prices for the oil and liquids-rich production they sell. Devon’s largest, best-funded drilling program is in the Delaware Basin, making its development costs a useful comparison for APA’s work there.
Occidental Petroleum and APA share Permian oil-price exposure, while both also produce oil, gas and natural gas liquids from international portfolios that include North Africa. Occidental’s oil and gas results offer a broader comparison for APA than a Permian-only producer, though their country mixes differ.
Permian Resources Corporation and APA sell oil, gas and natural gas liquids from overlapping Delaware Basin operating areas, exposing both to regional prices and drilling costs. Watch the prices Permian Resources receives from buyers: its contracts generally follow prevailing market prices even though most run longer than a year.
APA depends on TotalEnergies to run its Suriname Block 58 partnership and fund most early GranMorgu development spending, including 87.5% of the first $10 billion in gross capital expenditures. Watch TotalEnergies’ GranMorgu spending and progress toward first oil, anticipated in 2028.
ConocoPhillips and APA share global oil-price exposure because both produce and sell oil, gas and natural gas liquids across several regions at prevailing commodity prices. ConocoPhillips’ realized crude prices, adjusted for location, quality and transport, provide a comparison for the prices APA receives rather than for its drilling performance.
EOG Resources and APA share oil-and-gas price and U.S. drilling pressures, producing and selling crude oil, gas and natural gas liquids from major U.S. basins and international operations. Watch EOG’s drilling and operating costs as a comparison for APA’s efforts to lower the cost of producing those commodities.
Ovintiv Inc. and APA share Permian price and development-cost exposure, producing and marketing oil, gas and natural gas liquids there within broader portfolios. Focus on Ovintiv’s Permian efficiency rather than its whole-company results, which also include Anadarko and Canadian Montney operations.
MATADOR RESOURCES COMPANY and APA share Delaware Basin oil-price and drilling-cost exposure through oil- and liquids-rich acreage. Watch Matador’s Delaware drilling, completion and gas-processing spending, where it concentrated most of its capital in 2025; it also earns fees from handling other producers’ output, unlike a pure production comparison.
SM Energy Company and APA are similarly sensitive to oil prices: both produce in the Midland Basin, and oil supplied 82% and 80% of their respective 2025 production revenues. Watch SM Energy’s Midland production and spending, rather than its overall revenue growth, which mainly reflected a full year of acquired Uinta production.
Vaalco Energy, Inc. and APA both fund Egyptian oil-and-gas operations and receive production to recover costs and share profits under production-sharing contracts. Watch Vaalco’s Egyptian production and cost recovery as a comparison for APA’s concession economics, not as evidence that their contract terms are identical.
Chord Energy Corporation and APA both rely heavily on market-priced crude sales to refiners, marketers and other buyers, although Chord’s oil-focused production is mainly in the Williston Basin. Watch the gap between Chord’s crude selling prices and market benchmarks, including transport costs, as a comparison for APA’s oil-sale realizations.
Canadian Natural Resources and APA both produce and sell oil and gas from the U.K. North Sea alongside larger oil-price-sensitive portfolios. Its North Sea operating results are the relevant comparison for APA’s remaining production there, which APA expects to end before 2030, rather than Canadian Natural’s broader Canadian production mix.
Murphy Oil and APA share oil-and-gas price and exploration-spending exposure, combining North American production with international exploration. Murphy produces oil, gas and natural gas liquids mainly in the U.S. and Canada, so separate those producing operations from its overseas exploration when comparing its results with APA.
EIA Crude Oil Stocks Change (Oct/16)
APA’s weekly U.S. crude oil and gasoline stock figures track how much oil and fuel is held in storage, which can move the WTI and Brent-related benchmarks used to price its U.S. crude and therefore change the revenue it earns when selling that oil.
Read the stock direction as a signal about oil supply: a build suggests looser supply that may weigh on the benchmarks used to price APA’s U.S. crude, while a draw suggests tighter supply that may support its realized prices and oil revenue.
TotalEnergies SE earningsTTE
TotalEnergies operates the Suriname Block 58 partnership with APA, and its report will show whether GranMorgu development is progressing.
Watch TotalEnergies' reported GranMorgu spending and project progress. Continued spending and forward progress would keep the project moving toward anticipated first oil in 2028; slower spending or delays would push back APA's Suriname development path. TotalEnergies funds most early development spending, but its results do not replace APA's own figures.
Diamondback Energy, Inc. earningsFANG
Diamondback develops oil and gas in the Permian, and its report offers a comparison for well productivity and development costs in APA's largest production area.
Read Diamondback's well productivity alongside its development costs. Steady output with controlled costs would suggest supportive drilling economics in the Permian, a useful reference for APA's main production area; weaker output or rising costs would make APA's own well and cost figures especially important to check. The two companies' results are not interchangeable.
Chord Energy Corporation earningsCHRD
Chord Energy Corporation produces oil mainly in the Williston Basin, and its report will show how its selling prices compare with market benchmarks after location and transport costs, a reference for APA's oil realizations.
Compare Chord Energy Corporation's crude selling prices with market benchmarks, including transport costs. A narrower gap means its Williston Basin oil remains closer to the benchmark after location and transport deductions, offering context for APA's market-priced sales; a wider gap highlights those deductions, but APA's own regional price differentials still determine its results.
APA Corporation earningsThis company
APA's U.S. oil revenue moves with market prices, and this report will show whether Egyptian gas sales provide a cushion.
Read Egypt's gas production and revenue alongside U.S. oil production and realized prices. Rising Egyptian gas sales with steady U.S. oil production would show a more balanced revenue mix; if gas sales do not rise while U.S. oil prices or volumes weaken, APA's revenue remains driven mainly by oil markets.
Canadian Natural Resources Limited earningsCNQ
Canadian Natural Resources also produces oil and gas in the U.K. North Sea, and its report offers context for production and operating conditions in APA's remaining North Sea business.
Watch Canadian Natural Resources' North Sea production and operating costs. Steady output with controlled costs would show that mature North Sea operations can keep producing, a useful comparison for APA's smaller business there, which it expects to cease before 2030; falling output or rising costs would point to regional pressure, not prove how APA's assets performed.
