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APA (APA) investor relations material

APA Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Achieved strong third quarter results, exceeding production guidance in all operating areas, with net income of $205 million ($0.57 per diluted share) and adjusted earnings of $332 million ($0.93 per share).

  • Accelerated cost reduction initiatives, raising 2025 realized savings target to $300 million and run-rate savings to $350 million by year-end 2025, two years ahead of schedule.

  • Reduced net debt by $431 million during the quarter, with total debt down $1.6 billion year-to-date and $4.0 billion at quarter-end.

  • Returned $154 million to shareholders through dividends and share repurchases in Q3 2025.

  • Announced FID on Suriname Block 58, with first oil expected in 2028 and significant free cash flow growth potential.

Financial highlights

  • Q3 2025 revenues were $2.1 billion, with adjusted EBITDAX of $1.345 billion and free cash flow of $339 million.

  • Net income margin for Q3 2025 was approximately 9.7%; adjusted EPS was $0.93.

  • Lease operating expenses and G&A expenses were below or in line with guidance, with G&A $15 million below expectations.

  • Net debt at quarter-end was $4.0 billion, progressing toward a $3.0 billion long-term target.

  • Dividend declared per share was $0.25 for the quarter.

Outlook and guidance

  • Raised Q4 2025 U.S. oil production guidance to 123,000 barrels per day and increased Egypt natural gas production guidance.

  • Upstream capital investment for Q4 expected to be approximately $440 million; full-year 2025 guidance is $2.3–$2.4 billion.

  • Targeting $350 million in run-rate controllable spend savings by year-end 2025, with an additional $50–$100 million by year-end 2026.

  • Commitment to return at least 60% of free cash flow to shareholders via dividends and buybacks.

  • Formal 2026 guidance to be provided in February.

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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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