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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
APA
APA (APA) investor relations material
APA Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 adjusted production was 381,000 BOE/d; free cash flow reached $699 million, supporting $537 million in shareholder returns and continued debt repayment.
Net income attributable to common stock was $698 million, or $2.00 per diluted share; adjusted net income was $676 million, or $1.94 per diluted share.
GranMorgu remains on budget and schedule for first oil in mid-2028; the carry agreement limits development funding to 10% while retaining a 40% working interest.
Financial highlights
Q3 revenue was $2.769 billion versus $2.115 billion in Q3 2025; net income attributable to common stock was $698 million versus $205 million.
Net cash from operating activities was $1.376 billion; adjusted EBITDAX was $1.857 billion and free cash flow was $699 million.
Nine-month free cash flow reached $1.914 billion versus $599 million in 2025; nine-month operating cash flow was $3.636 billion versus $3.737 billion.
Upstream capital investment was $466 million, $30 million below guidance, primarily due to GranMorgu spending timing; lease operating expense was $418 million.
Adjusted earnings exclude a $17 million after-tax unrealized derivative gain and other smaller items.
Outlook and guidance
FY2026 free cash flow outlook rose $600 million from August to $2.9 billion at strip pricing; a $5/bbl WTI/Brent movement implies ~$45 million of November–December sensitivity.
FY2026 U.S. oil guidance rose to 124,000 b/d from initial guidance of 120,000–122,000 b/d; Q4 production is expected to moderate with turn-in-line timing and seasonal weather.
FY2026 upstream capital guidance is $2.1 billion; Q4 upstream investment is expected at ~$525 million, while abandonment and decommissioning spend is now $285 million, $15 million below prior guidance.
Preliminary 2027 upstream capital is $2.5 billion: $1.5 billion U.S., $500 million Egypt, and $250 million each for GranMorgu development and exploration; U.S. and Egypt production is expected similar YoY.
GranMorgu is planned for 220,000 b/d capacity and estimated recoverable resources above 750 MMbo; first oil is expected mid-2028.
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Next APA earnings date
Q4 202625 Feb, 2027
APA
Next APA earnings date
Q4 202625 Feb, 2027
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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.