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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
APA
APA (APA) investor relations material
APA Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved over $1 billion in free cash flow for 2025, returning $640 million (63% of free cash flow) to shareholders and reducing net debt by $1.4 billion to just below $4 billion.
Exceeded cost reduction targets, reaching a $350 million run-rate by year-end 2025 and projecting $450 million by end of 2026.
Met or exceeded production guidance each quarter in 2025 while spending less capital than planned; sustained Permian oil production above guidance and advanced a comprehensive Permian inventory assessment.
Grew Egypt gas production under a new pricing framework and advanced the GranMorgu development in Suriname, with Suriname on track for mid-2028 first oil.
High-graded portfolio, improved capital efficiency, and strengthened balance sheet, positioning for long-term value creation.
Financial highlights
Q4 2025 GAAP net income was $279 million ($0.79/share); adjusted net income was $324 million ($0.91/share).
Generated $425 million in Q4 free cash flow; full-year free cash flow exceeded $1 billion.
Returned $640 million to shareholders in 2025, representing over 60% of free cash flow.
Proved reserves increased 9% year-over-year, surpassing 1 billion BOE; reserve replacement ratio exceeded 160%.
Net debt at year-end 2025 was just below $4 billion, targeting $3 billion long-term.
Outlook and guidance
2026 capital program totals $2.1 billion, about 10% lower than 2025.
U.S. capital spend of $1.3 billion aims to maintain flat oil production at 120,000–122,000 bpd despite Q1 weather downtime.
Egypt capital spend of $500 million targets slight BOE growth; gross gas production expected to grow 13–15% in 2026.
Suriname GranMorgu development allocated $230 million; exploration spend of $70 million focused on Alaska and Suriname.
Free cash flow generation expected to remain strong, with Suriname contributing incremental growth from 2028.
How does Permian inventory sustain oil output
Detail 2026 capital allocation for LOE reduction
Explain Egypt's shift to gas-focused drilling
Quantify Permian technical upside conversion potential
Impact of $100M Permian LOE capital on future costs
Egypt gas exploration strategy beyond near-field
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Next APA earnings date
Q1 20267 May, 2026
APA
Next APA earnings date
Q1 20267 May, 2026
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Frequently asked questions
APA Corporation, explores for, develops, and produces oil and gas properties. The company also provides well and pipeline lease acquisition, production enhancement services, and offshore supply boat operations; as well as derivative and hedging activities to producers in the oil and gas industries in the United States. It primarily owns interests in approximately 496 producing oil and gas wells. APA Corporation was founded in 1954 and is headquartered in Houston, Texas.
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