APA (APA)
Market Price (7/8/2026): $34.21 | Market Cap: $12.1 BilSector: Energy | Industry: Oil & Gas Exploration & Production
APA (APA)
Market Price (7/8/2026): $34.21Market Cap: $12.1 BilSector: EnergyIndustry: Oil & Gas Exploration & Production
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 12% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 4.0 Bil Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include US LNG, US Oil Production, Show more. | Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -58% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.9%, Rev Chg QQuarterly Revenue Change % is -12% Key risksAPA key risks include [1] production curtailments due to weak Waha hub natural gas prices, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 12% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 4.0 Bil |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include US LNG, US Oil Production, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -58% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.9%, Rev Chg QQuarterly Revenue Change % is -12% |
| Key risksAPA key risks include [1] production curtailments due to weak Waha hub natural gas prices, Show more. |
Qualitative Assessment
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APA (APA) stock has lost about 20% since 3/31/2026 because of the following key factors:
1. Moderating Crude Oil Prices After Early Quarter Spikes.
The second fiscal quarter of 2026 began with crude oil prices (WTI and Brent) rallying to 46-month highs in early April, reaching $112.84 per barrel for WTI and $114.47 per barrel for Brent, driven by geopolitical tensions. However, as the quarter progressed, prices significantly moderated. By late June 2026, WTI crude futures traded around $70–$76 per barrel, a notable decrease from the early Q2 peaks. This broader decline in oil prices impacted revenue expectations for oil producers like APA.
2. Weak U.S. Natural Gas Prices Leading to Production Curtailment.
APA experienced particularly weak U.S. natural gas prices, with a realized price of $(0.35) per Mcf for U.S. natural gas in fiscal Q1 2026. In response to these unfavorable market conditions, APA curtailed approximately 88 million cubic feet per day (MMcf/d) of U.S. natural gas production and 6,800 barrels per day of U.S. NGLs in fiscal Q1 2026. This operational adjustment, while prudent, directly reduced reported volumes and revenue from natural gas operations.
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APA (APA) stock has lost about 20% since 3/31/2026 because of the following key factors:
1. Moderating Crude Oil Prices After Early Quarter Spikes.
The second fiscal quarter of 2026 began with crude oil prices (WTI and Brent) rallying to 46-month highs in early April, reaching $112.84 per barrel for WTI and $114.47 per barrel for Brent, driven by geopolitical tensions. However, as the quarter progressed, prices significantly moderated. By late June 2026, WTI crude futures traded around $70–$76 per barrel, a notable decrease from the early Q2 peaks. This broader decline in oil prices impacted revenue expectations for oil producers like APA.
2. Weak U.S. Natural Gas Prices Leading to Production Curtailment.
APA experienced particularly weak U.S. natural gas prices, with a realized price of $(0.35) per Mcf for U.S. natural gas in fiscal Q1 2026. In response to these unfavorable market conditions, APA curtailed approximately 88 million cubic feet per day (MMcf/d) of U.S. natural gas production and 6,800 barrels per day of U.S. NGLs in fiscal Q1 2026. This operational adjustment, while prudent, directly reduced reported volumes and revenue from natural gas operations.
3. Cautious Analyst Sentiment and Negative Earnings Forecasts.
Despite APA beating fiscal Q1 2026 earnings estimates, reporting an EPS of $1.38 against a consensus of $1.11, analyst sentiment remained cautious. The overall consensus rating for APA remained "Hold" with a median price target of $41.00. Several analysts also provided negative forward-looking earnings guidance, with expectations for APA's earnings per share to decrease by 35.70% in the next year (from $5.35 to $3.44) and a 20.8% year-over-year drop to $2.66 per share in fiscal year 2026.
4. Significant Institutional Investor Selling.
Institutional investors showed a trend of reducing their positions in APA. Notably, Berger Financial Group Inc. significantly decreased its stake in APA Corporation by 97.3% in fiscal Q1 2026, selling 245,753 shares. This reduction, along with a broader trend of 285 institutional investors decreasing their positions in Q4 2025 (reported after the period began), contributed to selling pressure and negatively impacted investor confidence in the stock.
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Stock Movement Drivers
Fundamental Drivers
The -19.4% change in APA stock from 3/31/2026 to 7/7/2026 was primarily driven by a -24.3% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.16 | 34.00 | -19.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,920 | 8,611 | -3.5% |
| Net Income Margin (%) | 16.1% | 17.8% | 10.7% |
| P/E Multiple | 10.4 | 7.9 | -24.3% |
| Shares Outstanding (Mil) | 353 | 354 | -0.3% |
| Cumulative Contribution | -19.4% |
Market Drivers
3/31/2026 to 7/7/2026| Return | Correlation | |
|---|---|---|
| APA | -19.4% | |
| Market (SPY) | 15.0% | -43.8% |
| Sector (XLE) | -10.8% | 89.6% |
Fundamental Drivers
The 41.3% change in APA stock from 12/31/2025 to 7/7/2026 was primarily driven by a 37.9% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.07 | 34.00 | 41.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,641 | 8,611 | -10.7% |
| Net Income Margin (%) | 15.7% | 17.8% | 13.7% |
| P/E Multiple | 5.7 | 7.9 | 37.9% |
| Shares Outstanding (Mil) | 357 | 354 | 0.8% |
| Cumulative Contribution | 41.3% |
Market Drivers
12/31/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| APA | 41.3% | |
| Market (SPY) | 9.9% | -33.0% |
| Sector (XLE) | 23.0% | 83.9% |
Fundamental Drivers
The 93.6% change in APA stock from 6/30/2025 to 7/7/2026 was primarily driven by a 82.1% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.56 | 34.00 | 93.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,422 | 8,611 | -17.4% |
| Net Income Margin (%) | 9.8% | 17.8% | 82.1% |
| P/E Multiple | 6.3 | 7.9 | 25.2% |
| Shares Outstanding (Mil) | 364 | 354 | 2.8% |
| Cumulative Contribution | 93.6% |
Market Drivers
6/30/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| APA | 93.6% | |
| Market (SPY) | 22.0% | -12.8% |
| Sector (XLE) | 31.9% | 79.0% |
Fundamental Drivers
The 11.5% change in APA stock from 6/30/2023 to 7/7/2026 was primarily driven by a 68.3% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.49 | 34.00 | 11.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,414 | 8,611 | -17.3% |
| Net Income Margin (%) | 19.5% | 17.8% | -8.8% |
| P/E Multiple | 4.7 | 7.9 | 68.3% |
| Shares Outstanding (Mil) | 311 | 354 | -12.1% |
| Cumulative Contribution | 11.5% |
Market Drivers
6/30/2023 to 7/7/2026| Return | Correlation | |
|---|---|---|
| APA | 11.5% | |
| Market (SPY) | 74.6% | 29.9% |
| Sector (XLE) | 47.1% | 81.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| APA Return | 39% | 76% | -21% | -33% | 12% | 35% | 93% |
| Peers Return | 109% | 46% | -7% | 7% | -11% | 15% | 210% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| APA Win Rate | 70% | 67% | 33% | 25% | 58% | 43% | |
| Peers Win Rate | 75% | 65% | 48% | 50% | 52% | 69% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| APA Max Drawdown | - | -40% | -32% | -42% | -44% | -28% | |
| Peers Max Drawdown | -22% | -33% | -29% | -24% | -31% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EOG, OKE, DVN, EPM, BSIN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/7/2026 (YTD)
How Low Can It Go
| Event | APA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -40.5% | -18.8% |
| % Gain to Breakeven | 68.1% | 23.1% |
| Time to Breakeven | 142 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.0% | -9.5% |
| % Gain to Breakeven | 16.3% | 10.5% |
| Time to Breakeven | 831 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.3% | -6.7% |
| % Gain to Breakeven | 33.9% | 7.1% |
| Time to Breakeven | 143 days | 31 days |
In The Past
APA's stock fell -40.5% during the 2025 US Tariff Shock. Such a loss loss requires a 68.1% gain to breakeven.
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Asset Allocation
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| Event | APA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -40.5% | -18.8% |
| % Gain to Breakeven | 68.1% | 23.1% |
| Time to Breakeven | 142 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.3% | -6.7% |
| % Gain to Breakeven | 33.9% | 7.1% |
| Time to Breakeven | 143 days | 31 days |
In The Past
APA's stock fell -40.5% during the 2025 US Tariff Shock. Such a loss loss requires a 68.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About APA (APA)
APA Corporation is an independent energy company primarily engaged in the exploration, development, and production of crude oil and natural gas. Its core business involves identifying potential oil and gas reserves, bringing them into production, and extracting these valuable commodities from various geological formations. The company's main products are the crude oil and natural gas it produces, which are critical raw materials for the global energy market, used in everything from transportation fuels and electricity generation to industrial processes and petrochemicals.
The company maintains a diversified portfolio of assets and operations across several key international regions. APA has significant production activities in the United States, particularly within West Texas, as well as established operations in Egypt and the United Kingdom. Furthermore, it is actively involved in exploration efforts offshore Suriname, signaling its pursuit of new international growth opportunities. Beyond its upstream exploration and production segment, APA also operates midstream assets in West Texas, including gathering, processing, and transmission infrastructure for oil and gas, and holds ownership stakes in four pipelines connecting the Permian Basin to the U.S. Gulf Coast, enhancing its ability to bring its products to market and serving the broader energy industry.
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Analogies for APA Corporation:
- A global oil and gas explorer and producer, like a concentrated Chevron or ExxonMobil.
- An independent oil and gas company, similar to Occidental Petroleum but with a broader global exploration footprint including Egypt and Suriname.
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- Oil and Natural Gas Production: APA Corporation explores for, develops, and produces crude oil and natural gas from properties in the United States, Egypt, and the United Kingdom.
- Midstream Services: The company operates gathering, processing, and transmission assets for oil and gas in West Texas.
- Pipeline Transportation: APA holds ownership interests in four Permian-to-Gulf Coast pipelines for the transportation of hydrocarbons.
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APA Corporation sells its oil, natural gas, and natural gas liquids primarily to other companies.
Due to the commodity nature of its business and the fact that no single customer accounted for more than 10% of its consolidated revenues in recent years (as per its 10-K filings), APA Corporation does not disclose the specific names of its major customers. Therefore, it is not possible to list specific customer companies and their public symbols.
However, based on APA Corporation's public disclosures, its customers generally fall into the following categories:
- Refiners: Companies that purchase crude oil from APA Corporation to process into various refined products such as gasoline, diesel, and jet fuel.
- Integrated Oil and Gas Companies: Large energy companies involved in multiple segments of the oil and gas industry, including exploration and production, refining, and marketing, which may purchase commodities for their own downstream operations or trading arms.
- Marketers: Companies that specialize in the wholesale buying and selling of crude oil, natural gas, and natural gas liquids in commodity markets.
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John J. Christmann IV, Chief Executive Officer
John J. Christmann IV became CEO of APA Corporation in January 2015. He joined Apache, which later became APA Corporation, in 1997. Prior to his CEO role, he served as Executive Vice President and Chief Operating Officer – North America. His extensive experience at the company includes roles as Region Vice President of the Permian Region, Vice President of Business Development, and Production Manager in the Gulf Coast region. Before joining Apache, he held positions in business development, crude oil marketing, and various engineering and operational assignments at Vastar Resources/ARCO Oil and Gas Company.
Ben C. Rodgers, Executive Vice President and Chief Financial Officer
Ben C. Rodgers was appointed Executive Vice President and Chief Financial Officer of APA Corporation, effective May 12, 2025. He joined APA in 2018 and previously held the position of Senior Vice President, Finance and Treasurer. Rodgers also served as the Chief Financial Officer of Altus Midstream and as a director on the board of Kinetik Holdings Inc.
Stephen J. Riney, President
Stephen J. Riney was promoted to President of APA Corporation on January 9, 2024, after serving as Executive Vice President and Chief Financial Officer since joining the company in 2015. Before his tenure at APA, Riney was the Chief Financial Officer for BP Exploration & Production, Inc., where he oversaw financial, business development, planning, and commercial operations for the upstream segment. During his 16 years at BP, he also served as the global head of mergers and acquisitions and held various management positions in treasury and within the upstream segment. Earlier in his career, before the 1999 merger with BP, Riney spent eight years with Amoco in roles involving upstream finance, petrochemicals mergers and acquisitions, corporate planning, and downstream marketing.
Kimberly Warnica, Executive Vice President and Chief Legal Officer
Kimberly Warnica was appointed Executive Vice President and Chief Legal Officer, effective January 13, 2025. She joined APA from Marathon Oil, where she served as executive vice president, general counsel, and secretary. Warnica's prior experience includes leadership roles at Alta Mesa Resources, Inc., where she was executive vice president, general counsel, chief compliance officer, and secretary from 2018 to 2021, and Freeport-McMoRan Oil & Gas Company.
Shad Frazier, Senior Vice President, U.S. Onshore Operations
Shad Frazier joined APA Corporation as Senior Vice President, U.S. Onshore Operations, effective April 14, 2025. He brings nearly 30 years of industry experience to his role. Most recently, he served as Vice President, Production Operations at Endeavor Energy Resources, LP. Frazier has also held various leadership positions at Legacy Reserves and SandRidge Energy.
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The key risks to APA Corporation's business are primarily driven by the inherent nature of the oil and gas industry and its global operations.
- Commodity Price Volatility: APA Corporation's financial performance is highly susceptible to fluctuations in the prices of crude oil, natural gas, and natural gas liquids (NGLs). These prices are influenced by global supply and demand dynamics, geopolitical events, and overall economic conditions, which can lead to significant impacts on the company's profitability, cash flow, and share price.
- Environmental, Social, and Governance (ESG) Pressures and Regulatory Risks: Increasing global concerns over climate change and environmental degradation have led to heightened regulatory scrutiny and the implementation of stricter environmental regulations for the oil and gas industry. Failure to adapt to these regulations or facing legal challenges related to environmental violations could result in substantial financial penalties, reputational damage, and a decline in share prices. APA's continued reliance on oil and gas and a perceived lack of a robust low-carbon transition plan are specific concerns.
- Geopolitical Risks: APA Corporation operates in various international regions, including the United States, Egypt, the United Kingdom, and offshore Suriname. This global presence exposes the company to geopolitical tensions, conflicts, political instability, trade disputes, and actions by oil and gas-producing nations. Such factors can disrupt supply chains, restrict access to resources, impose economic sanctions, and adversely affect the company's operations and financial performance.
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The accelerating global adoption of electric vehicles and renewable energy technologies (such as solar, wind, and battery storage) represents a clear emerging threat. These trends are directly leading to a structural decline in long-term demand for fossil fuels, including the oil and natural gas that APA Corporation explores for and produces.
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The addressable markets for APA Corporation's main products, crude oil and natural gas, can be sized across its operational regions and globally. APA Corporation explores for, develops, and produces oil and gas properties in the United States, Egypt, and the United Kingdom, and conducts exploration activities offshore Suriname.
Global Market Sizes:
- The global crude oil market size was valued at approximately USD 2.6 trillion in 2023 and is projected to reach USD 3.0 trillion by 2033.
- The global natural gas market was valued at approximately USD 1.2 trillion in 2024 and is projected to reach USD 1.9 trillion by 2030. Other estimates indicate the global natural gas market was USD 1,186.56 billion in 2024 and is projected to grow to USD 1,823.77 billion in 2032.
Regional Market Sizes:
- United States Oil & Gas Market: The U.S. oil and gas market, encompassing production, refining, exploration, distribution, and transportation, was valued at USD 1.55 trillion in 2024, growing to USD 1.61 trillion in 2025, and is projected to reach approximately USD 2.24 trillion by 2034.
- United States Natural Gas Market: The U.S. natural gas market was valued at USD 454.5 billion in 2024 and is expected to increase to USD 577.9 billion by 2032. Similarly, another estimate puts the U.S. natural gas market size at US$473.4 billion in 2025, projected to reach US$601.8 billion by 2032.
- Egypt Oil and Gas Market: The Egypt oil and gas market was valued at USD 7.54 billion in 2025 and is estimated to grow to USD 11.18 billion by 2031. Another source valued the market at USD 7.26 billion in 2023, projected to reach USD 9.22 billion by 2031.
- United Kingdom Oil and Gas Market: The United Kingdom oil and gas market was valued at approximately USD 315.5 billion in 2023 and is expected to reach USD 356.5 billion by 2033. Another estimate indicates the market size at USD 323.83 billion in 2025, expected to reach USD 346.29 billion by 2030.
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Here are 3-5 expected drivers of future revenue growth for APA Corporation (symbol: APA) over the next 2-3 years:
- Suriname GranMorgu Project: The GranMorgu project in Block 58 offshore Suriname is a significant driver of future revenue, with first oil anticipated in mid-2028. This project, a 50/50 joint venture with TotalEnergies, is expected to have an oil production capacity of 220,000 barrels per day from the Krabdagu and Sapakara fields, which have estimated recoverable resources of over 750 million barrels of oil. The project is projected to boost APA's production by approximately 20% and free cash flow by over 30%.
- Increased Gas Production in Egypt: APA anticipates growth in its Egypt operations, particularly in gross gas production. The company's 2026 guidance includes an expected 13% to 15% growth in gas production, reflecting a strategic shift towards more gas-focused drilling activity in the region.
- Permian Basin Development and Optimization: APA is focusing on capital discipline and efficiency in the Permian Basin, which accounts for over 75% of its adjusted production. Key strategies include running longer laterals, optimizing rig and frac crew utilization, and applying standardized facility designs to drive stronger margins and predictable free cash flow. The integration of Callon Petroleum also continues to yield benefits, contributing to margin expansion and increased development density within the Permian. The company has validated approximately 10 years of economic inventory in the Permian with substantial technical upside.
- Ongoing Cost Savings and Operational Efficiencies: APA has a strong focus on reducing costs and improving operational efficiencies. The company achieved $350 million in run-rate controllable spend savings by year-end 2025, two years ahead of schedule, and has set a new target of $450 million in run-rate savings by year-end 2026. These cost reductions are expected to contribute significantly to improved free cash flow and profitability.
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Share Repurchases
- In 2023, APA repurchased $329 million of common stock.
- In 2024, APA returned $599 million to shareholders, representing 71% of free cash flow, through dividends and share buybacks.
- In 2025, APA returned $640 million to shareholders through dividends and share repurchases, representing 63% of free cash flow. The company also completed the repurchase of over 92 million shares totaling over $3.07 billion under a buyback program announced in November 2018.
Share Issuance
- In April 2024, APA issued approximately 70 million shares of common stock as part of the all-stock acquisition of Callon Petroleum Company.
Outbound Investments
- In January 2024, APA Corporation acquired Callon Petroleum Company in an all-stock transaction valued at approximately $4.5 billion, including Callon's net debt, to enhance its Permian Basin assets.
- APA actively sold off non-core acreage, including a $950 million sale of mature assets in the Central Basin Platform and Northwest Shelf to Hilcorp, and a $608 million sale of over 13,000 net acres in the Delaware Basin to Permian Resources.
Capital Expenditures
- In 2024, APA planned an upstream capital budget of $1.9 to $2.0 billion, increasing to a full-year budget of $2.75 billion, primarily due to increased spending on Suriname development and an exploration well in Alaska, and an additional rig in Egypt.
- For 2025, APA plans to invest $2.5 to $2.6 billion in upstream oil and gas capital, with $200 million allocated for the GranMorgu development in Suriname and $100 million for exploration activities, mainly in Alaska.
- The outlook for 2026 projects a total upstream capital investment of $2.1 billion, a 10% reduction from 2025, including $230 million for the GranMorgu development and $70 million for exploration in Suriname Block 58 and Alaska. Approximately $1.2 billion is earmarked for Permian development capital, plus an additional $100 million for projects designed to sustainably reduce Lease Operating Expenses (LOE).
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 38.20 |
| Mkt Cap | 26.1 |
| Rev LTM | 12,577 |
| Op Inc LTM | 3,053 |
| FCF LTM | 1,862 |
| FCF 3Y Avg | 1,333 |
| CFO LTM | 4,816 |
| CFO 3Y Avg | 4,356 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.3% |
| Rev Chg 3Y Avg | -3.8% |
| Rev Chg Q | -11.2% |
| QoQ Delta Rev Chg LTM | -3.1% |
| Op Inc Chg LTM | -9.7% |
| Op Inc Chg 3Y Avg | -13.5% |
| Op Mgn LTM | 17.9% |
| Op Mgn 3Y Avg | 22.3% |
| QoQ Delta Op Mgn LTM | -1.4% |
| CFO/Rev LTM | 35.7% |
| CFO/Rev 3Y Avg | 34.8% |
| FCF/Rev LTM | 10.5% |
| FCF/Rev 3Y Avg | 9.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 26.1 |
| P/S | 1.6 |
| P/Op Inc | 9.4 |
| P/EBIT | 7.5 |
| P/E | 11.5 |
| P/CFO | 4.5 |
| Total Yield | 10.7% |
| Dividend Yield | 3.0% |
| FCF Yield 3Y Avg | 4.6% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Explores for, develops, and produces crude oil, natural gas, and natural gas liquids | 8,920 | 9,737 | 8,279 | ||
| Midstream service affiliate revenues | 0 | ||||
| Natural gas liquids revenues | 816 | 706 | |||
| Natural gas revenues | 1,569 | 1,207 | |||
| Oil revenues | 6,835 | 4,585 | |||
| Purchased oil and gas sales | 1,855 | 1,487 | |||
| Total | 8,920 | 9,737 | 8,279 | 11,075 | 7,985 |
| $ Mil | 2005 | 2004 | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|
| Pierina Property | 133 | 90 | 116 | 82 | 153 |
| Kalgoorlie | 65 | 113 | 59 | 33 | |
| Round Mountain | 63 | 58 | 68 | 35 | |
| Eskay Creek | 44 | ||||
| Plutonic | 38 | 50 | 62 | 46 | |
| Goldstrike Property | 24 | 145 | 157 | 179 | 315 |
| Bulyanhulu | -15 | 6 | -1 | 13 | 73 |
| Hemlo | 29 | 35 | 33 | ||
| Other Properties | 79 | 48 | 615 | ||
| Other | 37 | ||||
| Total | 352 | 570 | 544 | 1,036 | 578 |
| $ Mil | 2005 | 2004 | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|
| Goldstrike Property | 1,622 | 1,548 | 1,767 | 2,658 | 2,821 |
| Bulyanhulu | 668 | 667 | 863 | 1,336 | 1,404 |
| Kalgoorlie | 412 | 332 | 322 | 856 | |
| Pierina Property | 274 | 323 | 559 | 806 | 1,022 |
| Plutonic | 123 | 110 | 108 | 475 | |
| Eskay Creek | 77 | ||||
| Round Mountain | 60 | 80 | 97 | 214 | |
| Hemlo | 76 | 71 | 337 | ||
| Other Properties | 1,595 | 146 | 1,813 | ||
| Other | 3,270 | ||||
| Total | 3,236 | 4,731 | 3,933 | 8,495 | 8,517 |
Price Behavior
| Market Price | $34.00 | |
| Market Cap ($ Bil) | 12.0 | |
| First Trading Date | 05/15/1979 | |
| Distance from 52W High | -22.9% | |
| 50 Days | 200 Days | |
| DMA Price | $36.72 | $30.07 |
| DMA Trend | up | down |
| Distance from DMA | -7.4% | 13.1% |
| 3M | 1YR | |
| Volatility | 50.6% | 46.0% |
| Downside Capture | -115.14 | -125.57 |
| Upside Capture | -143.25 | -24.65 |
| Correlation (SPY) | -43.6% | -12.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.45 | -1.07 | -1.50 | -1.10 | -0.46 | 0.87 |
| Up Beta | -3.12 | -3.51 | -3.16 | -2.58 | -1.29 | 1.01 |
| Down Beta | 0.47 | 0.21 | 0.44 | 0.73 | 0.92 | 1.74 |
| Up Capture | -70% | -125% | -95% | -49% | -13% | 8% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 17 | 30 | 67 | 128 | 390 |
| Down Capture | 53% | -22% | -106% | -291% | -256% | 59% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 24 | 33 | 58 | 123 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APA | |
|---|---|---|---|---|
| APA | 81.8% | 45.9% | 1.44 | - |
| Sector ETF (XLE) | 28.7% | 20.9% | 1.11 | 79.0% |
| Equity (SPY) | 20.7% | 12.5% | 1.22 | -13.0% |
| Gold (GLD) | 23.0% | 27.8% | 0.73 | -5.6% |
| Commodities (DBC) | 22.9% | 18.6% | 0.97 | 55.4% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | -2.4% |
| Bitcoin (BTCUSD) | -41.8% | 42.8% | -1.14 | 12.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APA | |
|---|---|---|---|---|
| APA | 13.4% | 48.4% | 0.43 | - |
| Sector ETF (XLE) | 19.5% | 25.9% | 0.68 | 84.7% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 38.3% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 7.0% |
| Commodities (DBC) | 7.6% | 19.5% | 0.29 | 60.4% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 27.0% |
| Bitcoin (BTCUSD) | 13.2% | 53.5% | 0.43 | 18.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APA | |
|---|---|---|---|---|
| APA | 7.3% | 48.9% | 0.44 | - |
| Sector ETF (XLE) | 9.3% | 29.6% | 0.36 | 84.9% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 37.1% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 7.5% |
| Commodities (DBC) | 6.2% | 18.0% | 0.27 | 60.5% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 26.5% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 15.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -5.4% | -3.5% | -4.5% |
| 2/25/2026 | 4.5% | 11.7% | 53.7% |
| 11/5/2025 | 9.1% | 10.3% | 20.7% |
| 8/7/2025 | 7.8% | 13.8% | 26.0% |
| 5/8/2025 | 4.5% | 17.4% | 19.5% |
| 2/27/2025 | -7.2% | -15.8% | -3.7% |
| 11/7/2024 | -11.3% | -11.0% | -13.4% |
| 8/1/2024 | -0.4% | -13.4% | -5.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 13 |
| # Negative | 10 | 9 | 8 |
| Median Positive | 4.5% | 9.3% | 11.8% |
| Median Negative | -5.5% | -7.3% | -6.7% |
| Max Positive | 9.1% | 17.4% | 53.7% |
| Max Negative | -11.3% | -15.8% | -13.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -5.4% | -3.5% | -4.5% |
| 2/25/2026 | 4.5% | 11.7% | 53.7% |
| 11/5/2025 | 9.1% | 10.3% | 20.7% |
| 8/7/2025 | 7.8% | 13.8% | 26.0% |
| 5/8/2025 | 4.5% | 17.4% | 19.5% |
| 2/27/2025 | -7.2% | -15.8% | -3.7% |
| 11/7/2024 | -11.3% | -11.0% | -13.4% |
| 8/1/2024 | -0.4% | -13.4% | -5.9% |
| 5/2/2024 | -4.3% | 0.0% | 0.1% |
| 2/22/2024 | -3.9% | -4.7% | 7.9% |
| 11/2/2023 | 0.2% | -7.3% | -8.6% |
| 8/3/2023 | 6.8% | 13.4% | 12.4% |
| 5/4/2023 | -5.6% | -4.0% | -1.4% |
| 2/23/2023 | 3.3% | 4.7% | -10.2% |
| 11/3/2022 | 6.9% | 3.0% | 6.5% |
| 8/4/2022 | -10.9% | -3.5% | 10.1% |
| 5/5/2022 | -8.6% | -15.3% | 6.9% |
| 2/22/2022 | -3.5% | 10.8% | 26.0% |
| 11/4/2021 | 5.2% | 4.0% | -7.4% |
| 8/5/2021 | 1.7% | 8.3% | 11.8% |
| 5/6/2021 | 2.2% | 0.8% | 11.7% |
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 13 |
| # Negative | 10 | 9 | 8 |
| Median Positive | 4.5% | 9.3% | 11.8% |
| Median Negative | -5.5% | -7.3% | -6.7% |
| Max Positive | 9.1% | 17.4% | 53.7% |
| Max Negative | -11.3% | -15.8% | -13.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
| 06/30/2019 | 08/01/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 U.S. oil production | 0.12 Mil | ||||||
| Q2 2026 Egypt gross gas production | 540.00 Mil | ||||||
| Q2 2026 Upstream capital investment | 575.00 Mil | ||||||
| 2026 U.S. oil production | 0.12 Mil | 0.8% | Raised | Guidance: 0.12 Mil for 2026 | |||
| 2026 Egypt gross gas production | 540.00 Mil | 545.00 Mil | 550.00 Mil | 0 | Affirmed | Guidance: 545.00 Mil for 2026 | |
| 2026 Upstream capital investment | 2.10 Bil | 0 | Affirmed | Guidance: 2.10 Bil for 2026 | |||
| 2026 Lease operating expense | 1.50 Bil | ||||||
Prior: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Upstream Capital | 2.10 Bil | -10.0% | Lowered | Actual: 2.33 Bil for 2025 | |||
| 2026 Total Adjusted Production | 0.37 Mil | ||||||
| 2026 U.S. Oil Production | 0.12 Mil | 0.12 Mil | 0.12 Mil | -1.6% | Lowered | Guidance: 0.12 Mil for Q4 2025 | |
| 2026 Egypt Gas Production Growth | 13.0% | 14.0% | 15.0% | ||||
| 2026 Controllable Spend Savings | 450.00 Mil | 500.0% | Raised | Guidance: 75.00 Mil for 2026 | |||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 U.S. Oil Production | 0.12 Mil | ||||||
| Q4 2025 Upstream Capital Investment | 440.00 Mil | ||||||
| 2025 Run-rate Controllable Spend Savings | 350.00 Mil | 16.7% | Raised | Guidance: 300.00 Mil for 2025 | |||
| 2026 Run-rate Savings | 50.00 Mil | 75.00 Mil | 100.00 Mil | -78.6% | Lowered | Guidance: 350.00 Mil for 2026 | |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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