Here are a few analogies for APA Corporation:

• An ExxonMobil or Chevron, but purely focused on finding and extracting oil and natural gas (the upstream business).
• Like a ConocoPhillips, but with a more international presence in its oil and gas exploration and production.
• A BP or Shell, but without the refining operations or gas stations – solely dedicated to drilling for and producing oil and gas.

• Crude Oil: APA Corporation explores for, develops, and produces crude oil, a key global energy source.
• Natural Gas: The company extracts and processes natural gas, primarily methane, for various energy uses.
• Natural Gas Liquids (NGLs): APA produces natural gas liquids like propane and butane, which are valuable byproducts of natural gas processing.

APA Corporation (symbol: APA) is an independent energy company that explores for, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs). As such, it sells its products primarily to other companies within the energy industry, rather than directly to individuals.

According to its most recent annual filings (10-K), APA Corporation stated that sales to its largest customers did not exceed 10% of its total revenues in the past three fiscal years. This indicates a diversified customer base and means that there are no single, individually identifiable "major customers" that account for a significant portion of its revenue. However, the company generally sells to the following categories of corporate customers:

• Marketers and Traders: Companies that buy crude oil, natural gas, and NGLs from producers and then resell them to other industrial users, refiners, or utilities, often managing logistics and optimizing market timing.
• Gatherers and Pipeline Companies: Companies that own and operate infrastructure to collect, process, and transport crude oil, natural gas, and NGLs. They often purchase the commodities directly from producers at the wellhead or delivery points.
• Refiners: Companies that process crude oil into various petroleum products such as gasoline, diesel, jet fuel, and other distillates.
• Other Industrial Users: This can include petrochemical companies that use NGLs as feedstock, or utility companies and other large industrial consumers that purchase natural gas for power generation or operational needs.

Since no individual major customers are publicly disclosed due to the lack of significant revenue concentration, specific names and symbols of customer companies cannot be provided.

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John J. Christmann IV, Chief Executive Officer

Mr. Christmann joined Apache (APA’s subsidiary) in 1997. He has held various leadership roles, including production manager, vice president for business development, and executive vice president and chief operating officer – North America. He was appointed CEO and President in January 2015. Prior to joining Apache, Mr. Christmann was employed by Vastar Resources/ARCO Oil and Gas Company, where he worked in business development, crude oil marketing, and various engineering and operational assignments.

Ben C. Rodgers, Executive Vice President and Chief Financial Officer

Mr. Rodgers was named Executive Vice President and Chief Financial Officer, effective May 12, 2025. He joined APA in 2018 and previously served as SVP, Finance and Treasurer. Mr. Rodgers also served as CFO of Altus Midstream and as a director on the board of Kinetik Holdings Inc. Altus Midstream was later involved in a merger with a private equity-backed entity to form Kinetik Holdings Inc. He currently serves on the board of Khalda Petroleum Company, a joint venture between an APA subsidiary and Egypt Petroleum Company.

Stephen J. Riney, President

Mr. Riney was promoted to President and Chief Financial Officer in January 2024 and continues to serve as President. He joined APA in 2015 as Executive Vice President and Chief Financial Officer. Before joining APA, Mr. Riney was the CFO for BP Exploration and Production from July 2012 to January 2015. He also served as Global Head of Mergers and Acquisitions for BP plc from January 2007 to June 2012. Prior to the 1999 merger with BP, Mr. Riney spent eight years with Amoco in various roles, including upstream finance, petrochemicals mergers and acquisitions, corporate planning, and downstream marketing.

Kimberly O. Warnica, Executive Vice President and Chief Legal Officer

Ms. Warnica was appointed Executive Vice President and Chief Legal Officer, effective January 13, 2025. She brings extensive legal expertise to the role, having previously held positions at Marathon Oil Corporation and other notable energy firms.

Shad Frazier, Senior Vice President, U.S. Onshore Operations

Mr. Frazier joined APA as Senior Vice President, U.S. Onshore Operations, effective immediately as of April 14, 2025. He has nearly 30 years of industry experience, most recently serving as Vice President, Production Operations at Endeavor Energy Resources, LP. Previously, he held various leadership positions at Legacy Reserves and SandRidge Energy.

The key risks to APA Corporation's business include:

1. Commodity Price Volatility: Fluctuations in the market prices of oil, natural gas, and natural gas liquids (NGLs) pose a significant and immediate risk to APA Corporation. Specifically, weak or negative natural gas prices, particularly at the Waha hub in the U.S. Permian Basin, have led to production curtailments and negatively impacted U.S. production guidance.
2. Geopolitical Instability and Regulatory/Climate Change Risks: APA Corporation's international operations, particularly in Egypt, expose it to geopolitical risks and the delicate political climate in the Middle East. Additionally, the company faces risks from legislative, regulatory, or policy changes, including initiatives addressing the impact of global climate change or further regulating activities such as hydraulic fracturing, methane emissions, flaring, or water disposal. The intensifying focus on renewables and associated regulations are also seen as factors that could erode oil margins and threaten long-term revenue and asset value for traditional energy companies.
3. Financial Leverage and Debt Levels: While APA Corporation is actively working to reduce its debt, it currently has a higher level of debt compared to the average exploration and production (E&P) peer. As of the third quarter ending September 2025, the company's total debt was approximately $4,591 million. Although the company has made progress in debt reduction, its financial leverage remains a notable risk factor.

The accelerating global energy transition, driven by significant cost reductions and technological advancements in renewable energy sources (primarily solar and wind) and grid-scale energy storage solutions (batteries), poses a clear emerging threat. These advancements are making renewable energy increasingly cost-competitive and reliable, leading to potential long-term demand destruction for the oil and natural gas that APA produces. Furthermore, growing regulatory pressures and investor preferences for decarbonization are intensifying the pace of this transition, threatening to devalue existing fossil fuel assets and reduce future revenue streams for traditional exploration and production companies.

APA Corporation (symbol: APA) is an independent oil and gas exploration and production company. Its main products are crude oil, natural gas, and natural gas liquids (NGLs), with core operations in the United States (Permian Basin), Egypt, and the United Kingdom (North Sea).

Crude Oil

• Global: The global crude oil market size was valued at approximately $2.6 trillion in 2023 and is projected to reach $3.0 trillion by 2033, growing at a compound annual growth rate (CAGR) of 1.5% from 2024 to 2033. Another estimate placed the global crude oil market size at $2904.87 billion in 2021, expected to reach $3415.7 billion by the end of 2025.
• U.S. (Permian Basin): The Permian Basin is the largest oil-producing region in the United States, projected to account for more than 50% of all U.S. crude oil production in 2026. U.S. crude oil production reached an annual record of 13.2 million barrels per day (b/d) in 2024 and is forecast to increase to 13.5 million b/d in 2025 and 13.6 million b/d in 2026. Permian production is expected to rise to 6.6 million b/d in 2025 and 6.9 million b/d in 2026.
• Egypt: Egypt's crude oil output was approximately 537,000 barrels per day (b/d) in 2024. The country aims to stabilize production around 600,000 b/d. From 2014 through 2023, Egypt produced an average of about 694,000 b/d of total liquid fuels, with crude oil and lease condensate making up about 615,000 b/d of that total.
• United Kingdom (North Sea): Crude oil and condensate production in the UK declined to 630,000 barrels per day in 2024. In 2024, domestic oil production met around 48% of the UK's oil consumption.

Natural Gas

• Global: The global natural gas market size was valued at USD 1127.09 billion in 2023 and is poised to grow to USD 2142.88 billion by 2032, with a CAGR of 7.4% during the forecast period (2025-2032). Global gas demand increased by 2.7%, or 115 billion cubic meters (bcm), in 2024.
• U.S. (Permian Basin): The U.S. natural gas market was valued at USD 454.5 billion in 2024 and is expected to grow to USD 577.9 billion by 2032. The Permian Basin accounted for 22% of marketed natural gas production in the U.S. in 2024, with production reaching 25.4 billion cubic feet per day (Bcf/d). Marketed natural gas production in the Permian region is forecast to increase to 25.8 Bcf/d in 2025.
• Egypt: The Egypt natural gas market size reached USD 3.6 billion in 2024 and is expected to reach USD 7.0 billion by 2033, exhibiting a CAGR of 6.5% during 2025-2033. Another estimate valued the Egypt Natural Gas Market at USD 10.8 billion in 2023, projected to reach USD 23.88 billion by 2032. Total natural gas production in Egypt was 5.7 billion cubic feet per day as of July 2024, and 49.37 billion m³ in 2024.
• United Kingdom (North Sea): Natural gas accounted for 40% of the combined oil and gas production of 1.3 million barrels of oil equivalent per day (BOE/day) in the UK in 2021 and 2022. In 2024, domestic natural gas production met 51% of the UK's consumption.

Natural Gas Liquids (NGLs)

• Global: The global natural gas liquids market size was estimated at USD 15.4 billion in 2024 and is projected to reach USD 21.59 billion by 2030, growing at a CAGR of 5.8% from 2025 to 2030. Another report indicates the market was valued at $16.9 billion in 2020 and is estimated to reach $28.5 billion by 2030. The Natural Gas Liquid (NGL) Market is projected to grow from USD 24.72 billion in 2025 to USD 43.04 billion by 2035, with a CAGR of 5.70%. North America is attributed to holding the largest natural gas liquids market share.

APA Corporation (NASDAQ: APA) is expected to drive future revenue growth over the next two to three years through a combination of increased production in key regions, strategic project developments, and ongoing cost efficiency initiatives.

Here are 3-5 expected drivers of future revenue growth:

1. Permian Basin Production Growth and Efficiency: APA anticipates substantial production growth and continued operational improvements in the Permian Basin. The company forecasts a 20% production increase for the Permian Basin by the fourth quarter of 2024 compared to the fourth quarter of 2023. APA expects to maintain consistent year-over-year oil production of approximately 120,000 barrels per day in the Permian with a capital investment of around $1.3 billion in 2026. This growth is supported by top-tier well results, best-in-class production improvements in both the Midland and Delaware basins, and a 25% reduction in per-foot drilling and completion costs since the first half of 2024. Additionally, the acquisition of Callon Petroleum in January 2024 significantly boosted APA's Permian Basin production by 48% on a pro forma basis in Q3 2023. APA has also raised its U.S. oil production guidance to 123,000 barrels per day for Q4 2025.

2. Egypt Gas Production Growth and Acreage Expansion: APA is focused on expanding its natural gas output and strategic acreage in Egypt. The company plans to maintain consistent activity and capital expenditure in Egypt, aiming for year-over-year growth in gas volumes. Egypt's production surpassed expectations in Q3 2025, largely due to strong performance from natural gas wells. A new pricing agreement for incremental gas volumes in Egypt is making gas exploration and development more economically competitive. Furthermore, APA secured presidential approval for approximately 2 million net prospective acres in Egypt's Western Desert, marking a significant 35% increase in its acreage position and bolstering long-term growth prospects in the region. Analysts forecast an 84.1% year-over-year increase in 'Oil, natural gas, and natural gas liquids production revenues - Natural gas revenues' in Q3 2025.

3. Suriname Block 58 Development (GranMorgu Project): The large-scale GranMorgu oil project offshore Suriname in Block 58 represents a significant future revenue driver. APA has entered the development phase of this project, which is expected to contribute substantial oil production and cash-flow growth starting in 2028. First oil is anticipated in mid-2028, with an estimated recoverable resource of 750 million barrels of oil and a production capacity of 220,000 barrels per day. APA holds a 40% working interest in the project. The GranMorgu project is noted for its world-class economics and superior cash flow margins compared to U.S. shale operations.

4. Cost Reduction and Operational Efficiency Initiatives: APA's aggressive focus on cost reduction and operational efficiency is expected to positively impact revenue growth by improving margins and free cash flow. The company is targeting an additional $50 million to $100 million in cost savings by the end of 2026. APA is also on track to achieve $350 million in run-rate controllable spend savings by the end of 2025, two years ahead of its original schedule. These initiatives include a 25% reduction in per-foot drilling and completion costs in the Permian Basin since the first half of 2024. These efforts are designed to enhance free cash flow generation and support further growth projects.

Share Repurchases

• APA Corporation returned $154 million to investors through dividends and share buybacks in the third quarter of 2025.
• In the second quarter of 2025, APA returned $140 million to shareholders via its base dividend and share repurchase program, contributing to nearly $1 billion returned to investors through dividends, buybacks, and debt reduction in the same quarter.
• The company repurchased 3.1 million shares at an average price of $20.78 per share during the third quarter of 2025.

Share Issuance

• As of June 2025, APA's 3-Year Share Buyback Ratio was -1.70%, which may indicate potential share issuance.
• In January 2024, APA Corporation acquired Callon Petroleum Company in an all-stock transaction valued at approximately $4.5 billion, which involved the issuance of shares to Callon shareholders.

Outbound Investments

• APA Corporation completed the acquisition of Callon Petroleum Company in an all-stock transaction valued at approximately $4.5 billion in January 2024, strengthening its Permian Basin asset portfolio.
• In September 2024, APA agreed to sell non-core producing properties in the Permian Basin for $950 million, with proceeds primarily intended for debt reduction.
• Subsequent to the first quarter of 2025, APA entered into an agreement to sell its New Mexico Permian assets for $608 million, with the proceeds largely allocated to debt reduction, aligning with its strategy to focus on core assets.

Capital Expenditures

• APA plans to invest $1.3 billion in Permian development capital in 2026.
• For 2025, APA reduced its development capital guidance by $150 million and exploration capital by $25 million due to improved efficiencies and reduced activity, aiming to maintain U.S. oil production while protecting free cash flow.
• Full-year 2025 capital guidance for the GranMorgu project in Suriname was increased to $275 million, reflecting additional milestone payments, though total project costs remain unchanged.