APA Corporation Q3 2026 Earnings Recap

APA shares fell 2.3% after earnings, a roughly flat reaction. The quarter included about $700 million in free cash flow, while the preliminary 2027 plan calls for approximately $2.5 billion in upstream capital spending and similar U.S. and Egypt production year over year.

Key Takeaways

• U.S. oil production averaged 128,000 barrels per day, above guidance; APA raised full-year U.S. oil guidance to 124,000 barrels per day from an initial range of 120,000–122,000.
• Egypt gross production was relatively flat sequentially at 206,000 BOE per day. Adjusted production of about 64,000 BOE per day was slightly below guidance, primarily due to PSC impacts from higher oil prices.
• APA generated approximately $700 million in free cash flow and returned more than $500 million to shareholders through dividends and buybacks.
• Third-quarter GranMorgu development capital was about $40 million, below guidance because some spending shifted to the fourth quarter; the full-year outlook was unchanged, with first oil still targeted for mid-2028.
• Preliminary 2027 upstream capital is approximately $2.5 billion, with exploration and GranMorgu development accounting for roughly 60% of the increase from 2026; APA expects similar U.S. and Egypt production year over year.