# EDGAR Filing Document

**Accession Number:** 0001841666
**File Stem:** 0001841666-26-000012
**Filing Date:** 2026-2
**Character Count:** 53410
**Document Hash:** 4389c80d52dc04336dfb6400975fb3cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001841666-26-000012.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001841666-26-000012

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260225

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APA Corp
- **CENTRAL INDEX KEY:** 0001841666
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 861430562
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40144
- **FILM NUMBER:** 26680071

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 W SAM HOUSTON PKWY S
- **STREET 2:** SUITE 200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77042
- **BUSINESS PHONE:** 713.296.6000

**MAIL ADDRESS:**
- **STREET 1:** 2000 W SAM HOUSTON PKWY S
- **STREET 2:** SUITE 200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77042

?xml version='1.0' encoding='ASCII'? apa8k-20260225

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **February 25, 2026**

**APA CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40144** | **86-1430562** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**2000 W Sam Houston Pkwy S, Suite 200**

**Houston, Texas 77042-3643**

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: **(713) 296-6000**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| | Trading | Name of each exchange |
| Title of each class | Symbol(s) | on which registered |
| **Common Stock, $0.625 par value** | **APA** | **Nasdaq Global Select Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

The information in this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of Section 18, and shall not be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing.

**Item 2.02.**&nbsp;&nbsp;&nbsp;&nbsp;**Results of Operations and Financial Condition.**

On February 25, 2026, APA Corporation issued a press release announcing financial and operating results for the fiscal quarter and year ended December 31, 2025. The full text of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

**Item 9.01.**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits.**

**(d)Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release of APA Corporation dated February 25, 2026.](exhibit9914q25earningsrele.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

**APA CORPORATION**

---

| | | | |
|:---|:---|:---|:---|
| Date: | February 25, 2026 | By: | /s/ Robert P. Rayphole |
|  |  |  | Robert P. Rayphole |
|  |  |  | Vice President, Chief Accounting Officer, and Controller |
|  |  |  | (Principal Accounting Officer) |

---

## Exhibit 99.1

**Exhibit 99.1**

![picture1a.jpg](picture1a.jpg)

NEWS RELEASE

**APA Corporation Announces Fourth-Quarter and Full-Year 2025**

**Financial and Operational Results**

***Fourth-quarter and full-year 2025 highlights***

• *Reported production of 460,000 barrels of oil equivalent (BOE) per day in the fourth quarter; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 387,000 BOE per day;*

• *Delivered U.S. oil production of 132,000 barrels per day in the fourth quarter, driven by improved run-time, incremental completion activity, and milder-than-normal weather; grew Egypt gross gas production by approximately 10% year-over-year;*

• *Completed comprehensive assessment of Permian inventory, validating approximately 10 years of economic inventory with substantial technical upside;*

• *In the fourth quarter, generated $808 million net cash provided by operating activities, $425 million of free cash flow and $1.2 billion of adjusted EBITDAX;*

• *For full-year 2025, delivered $4.5 billion net cash provided by operating activities, $1.0 billion of free cash flow and $5.4 billion of adjusted EBITDAX;*

• *Reduced total debt to less than $4.5 billion and net debt to less than $4 billion at year-end; returned $640 million to shareholders in 2025, representing more than 60% of free cash flow; and*

• *Achieved $350 million in run-rate controllable spend savings by year-end 2025, two years earlier than initially anticipated. Now targeting $450 million run-rate controllable spend savings by year-end 2026.*

***2026 outlook***

• *Planned total upstream capital of $2.1 billion, a 10% reduction compared to 2025; includes $230 million for GranMorgu development and $70 million for exploration in Suriname Block 58 and Alaska; and*

*• Total adjusted production expected to be 371,000 BOE per day; a year-over-year decline primarily driven by North Sea, U.S. gas volumes and asset sales.*

HOUSTON, Feb. 25, 2026 – APA Corporation (Nasdaq: APA) today announced its financial and operational results for the fourth-quarter and full-year 2025.

During the fourth-quarter 2025, APA reported net income attributable to common stock of $279 million, or $0.79 per share on a fully diluted basis. When adjusted for certain items that impact the comparability of results, APA's fourth-quarter earnings totaled $324 million or $0.91 on a diluted share basis.

Fourth-quarter reported production was 460,000 BOE per day and adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 387,000 BOE per day. U.S. oil production averaged 132,000 barrels per day in the quarter, reflecting incremental completion activity, improved run-time and milder-than-normal weather.

------

**APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2025**

**FINANCIAL AND OPERATIONAL RESULTS** — PAGE 2 of 5

In the fourth quarter, adjusted EBITDAX was $1.2 billion, free cash flow totaled $425 million and APA returned $154 million to shareholders through dividends and share repurchases.

For the full-year 2025, reported production averaged 464,000 BOE per day and adjusted production averaged 392,000 BOE per day. Further adjusted for non-core U.S. asset sales, full-year 2025 adjusted production averaged 386,000 BOE per day. 2025 adjusted EBITDAX was $5.4 billion, free cash flow totaled $1.0 billion, and APA returned $640 million through dividends and share repurchases. At year-end 2025, APA's net debt was under $4.0 billion.

**CEO commentary**

"The progress we delivered in 2025 reflects a fundamental transformation of APA's base business over the past several years. We have high-graded the portfolio, significantly reduced our cost structure, strengthened the balance sheet, and further advanced our exploration efforts, resulting in a more focused, resilient, and capital-efficient company," said John J. Christmann IV, APA's CEO.

**Permian inventory update**

The company completed a comprehensive assessment of its Permian inventory position, highlighting 10 years of economic inventory at its current cost structure and validating significant technical upside. "During the year, we conducted a thorough review of our Permian Basin inventory, incorporating our improved cost structure," said Christmann. "This work confirmed the depth and quality of our drilling opportunities and validated substantial upside potential. It also increased our confidence in our ability to sustain oil production for the next decade while delivering competitive capital efficiency."

**2026 capital budget and outlook**

APA plans to invest $2.1 billion in total upstream capital, a 10% reduction versus 2025, reflecting momentum from ongoing cost savings and lower Permian activity. This includes $230 million for the GranMorgu development and $70 million for exploration.

U.S. oil production is expected to average 120,000 to 122,000 barrels per day, a slight improvement from the preliminary outlook provided in November. Permian development capital is expected to be $1.2 billion, plus an additional investment of $100 million toward projects designed to sustainably reduce LOE over time.

------

**APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2025**

**FINANCIAL AND OPERATIONAL RESULTS** — PAGE 3 of 5

In Egypt, gross production is expected to slightly grow year-over-year, with gas production expected to grow 13% to 15%, reflecting an increasing shift to more gas-focused drilling activity. Adjusted production is expected to remain consistent at 72,000 BOE per day. These figures include impacts related to the recent withdrawal from a non-core concession outside of the Merged Concession Area.

"Turning to 2026, our strategic priorities are clear, and our capital plan is disciplined. We will sustain operational momentum, further reduce our cost structure, continue strengthening our balance sheet, and invest in the future through exploration," concluded Christmann.

**Year-end 2025 proved reserves**

Worldwide estimated proved reserves grew 9% to 1,056 million BOE at year-end 2025, of which 734 million BOE were classified as proved developed.

**Conference call**

APA will host a conference call to discuss its fourth-quarter and full-year 2025 results at 10 a.m. Central time, Thursday, Feb. 26. The conference call will be webcast from APA's website, <u>www.apacorp.com</u> and <u>investor.apacorp.com</u>. Following the conference call, a replay will be available for one year on the "Investors" page of the company's website.

**About APA**

APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, <u>www.apacorp.com</u>.

**Additional information**

Additional information follows, including reconciliations of adjusted earnings, adjusted EBITDAX, upstream capital investment, net debt, cash flows from operations before changes in operating assets and liabilities, and free cash flow (non-GAAP financial measures) to GAAP measures and information regarding adjusted production. APA's quarterly supplement is available at <u>http://www.apacorp.com/financialdata</u>.

------

**APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2025**

**FINANCIAL AND OPERATIONAL RESULTS** — PAGE 4 of 5

**Non-GAAP financial measures**

APA's financial information includes information prepared in conformity with generally accepted accounting principles (GAAP) as well as non-GAAP financial information. It is management's intent to provide non-GAAP financial information to enhance understanding of our consolidated financial information as prepared in accordance with GAAP. Adjusted earnings, adjusted EBITDAX, upstream capital investment*,* net debt, cash flows from operations before changes in operating assets and liabilities and free cash flow are non-GAAP measures. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure.

**Forward-looking statements**

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "continues," "could," "estimates," "expects," "goals," "guidance," "may," "might," "outlook," "possibly," "potential," "projects," "prospects," "should," "upside," "will," "would," and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset sales, monetizations, and inventory quantity, life, and quality. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See "Risk Factors" in APA's Form 10-K for the year ended December 31, 2024, in our quarterly reports on Form 10-Q, and in APA's Form 10-K for the year ended December 31, 2025, when filed, for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

------

**APA CORPORATION ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2025**

**FINANCIAL AND OPERATIONAL RESULTS** — PAGE 5 of 5

**Cautionary note to investors**

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable, and possible reserves that meet the SEC's definitions for such terms. APA may use certain terms in this news release, such as "resources," "potential resources," "resource potential," "estimated net reserves," "recoverable reserves," and other similar terms that the SEC guidelines strictly prohibit APA from including in filings with the SEC. Such terms do not take into account the certainty of resource recovery, which is contingent on exploration success, technical improvements in drilling access, commerciality, and other factors, and are therefore not indicative of expected future resource recovery and should not be relied upon. Investors are urged to consider carefully the disclosure in APA's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024, and APA's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025, when filed, available from APA at <u>www.apacorp.com</u> or by writing APA at: 2000 W. Sam Houston Pkwy. S., Suite. 200, Houston, TX 77042 (Attn: Corporate Secretary). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at <u>www.sec.gov</u>.

**Contacts**

Investor: (281) 302-2286

Media: (713) 296-7276

Website: <u>www.apacorp.com</u>

APA-F

-end-

------

**APA CORPORATION**

**STATEMENT OF CONSOLIDATED OPERATIONS**

(Unaudited)

(In millions, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **REVENUES AND OTHER:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil, natural gas, and natural gas liquids production revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil revenues | $1358 | $1830 | $5809 | $6966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas revenues | 161 | 170 | 770 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas liquids revenues | 149 | 189 | 650 | 646 |
|  | 1668 | 2189 | 7229 | 8196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased oil and gas sales | 323 | 523 | 1691 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1991 | 2712 | 8920 | 9737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instrument gains (losses), net | (66) | 7 | (53) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on divestitures, net | 16 | 5 | 301 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on previously sold Gulf of America properties | 60 | (190) | 60 | (273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (23) | (32) | (8) | (6) |
|  | 1978 | 2502 | 9220 | 9737 |
| **OPERATING EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease operating expenses | 354 | 474 | 1504 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gathering, processing, and transmission | 106 | 104 | 424 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased oil and gas costs | 108 | 382 | 1070 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income | 50 | 65 | 229 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration | 36 | 65 | 131 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 91 | 102 | 350 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction, reorganization, and separation | 36 | 12 | 102 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and gas property and equipment | 559 | 646 | 2275 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 7 | 7 | 29 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligation accretion | 40 | 36 | 158 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairments | 44 | 18 | 44 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing costs, net | 58 | 91 | 113 | 367 |
|  | 1489 | 2002 | 6429 | 8202 |
| **NET INCOME BEFORE INCOME TAXES** | 489 | 500 | 2791 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current income tax provision | 101 | 308 | 739 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax provision (benefit) | 57 | (233) | 360 | (736) |
| **NET INCOME INCLUDING NONCONTROLLING INTERESTS** | 331 | 425 | 1692 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interest | 52 | 71 | 258 | 314 |
| **NET INCOME ATTRIBUTABLE TO COMMON STOCK** | $279 | $354 | $1434 | $804 |
| **NET INCOME PER COMMON SHARE:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.79 | $0.96 | $3.99 | $2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.79 | $0.96 | $3.99 | $2.27 |
| **WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 355 | 369 | 359 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 355 | 369 | 359 | 353 |
| **DIVIDENDS DECLARED PER COMMON SHARE** | $0.25 | $0.25 | $1.00 | $1.00 |

---

------

**APA CORPORATION**

**PRODUCTION INFORMATION**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **% Change** | **% Change** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Year Ended** |
| | | | | **4Q25 to 3Q25** | **4Q25 to 4Q24** | | |
| | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2024** | **4Q25 to 3Q25** | **4Q25 to 4Q24** | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
| **OIL VOLUME - Barrels per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 132001 | 121225 | 147573 | 9% | (11)% | 125526 | 128531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt <sup>(12)</sup> | 88952 | 89493 | 89927 | (1)% | (1)% | 87719 | 89027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Sea | 22744 | 23518 | 27683 | (3)% | (18)% | 24186 | 26340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <sup>(1)</sup> | 243697 | 234236 | 265183 | 4% | (8)% | 237431 | 243898 |
| **NATURAL GAS VOLUME - Mcf per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 442086 | 523271 | 511587 | (16)% | (14)% | 514502 | 483446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt <sup>(1, 2)</sup> | 365216 | 374236 | 300118 | (2)% | 22% | 350774 | 291011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Sea | 29763 | 34712 | 36842 | (14)% | (19)% | 31318 | 39986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <sup>(1)</sup> | 837065 | 932219 | 848547 | (10)% | -1% | 896594 | 814443 |
| **NGL VOLUME - Barrels per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 75370 | 72709 | 80390 | 4% | (6)% | 76264 | 73877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Sea | 1190 | 1501 | 1311 | (21)% | (9)% | 1256 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <sup>(1)</sup> | 76560 | 74210 | 81701 | 3% | (6)% | 77520 | 75078 |
| **BOE per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 281051 | 281145 | 313227 | —% | (10)% | 287539 | 282983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt <sup>(1, 2)</sup> | 149821 | 151866 | 139947 | (1)% | 7% | 146182 | 137529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Sea | 28895 | 30804 | 35134 | (6)% | (18)% | 30662 | 34204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <sup>(1)</sup> | 459767 | 463815 | 488308 | (1)% | (6)% | 464383 | 454716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total excluding noncontrolling interests | 409772 | 413144 | 441618 | (1)% | (7)% | 415610 | 408838 |

---

(1) Includes net production volumes attributed to our noncontrolling partner in Egypt below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oil (b/d) | 29,683 | 29,860 | 30,002 | 29,267 | 29,698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas (Mcf/d) | 121,872 | 124,867 | 100,127 | 117,035 | 97,078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOE per day | 49,995 | 50,671 | 46,690 | 48,773 | 45,878 |

---

(2) Egypt Gross Production:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oil (b/d) | 125,262 | 124,944 | 134,504 | 125,511 | 137,150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas (Mcf/d) | 500,593 | 508,346 | 438,052 | 486,462 | 443,551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOE per day | 208,694 | 209,668 | 207,513 | 206,588 | 211,075 |

---

------

**APA CORPORATION**

**ADJUSTED PRODUCTION INFORMATION**

Adjusted production excludes certain items that management believes affect the comparability of operating results for the periods presented. Adjusted production excludes production attributable to 1) noncontrolling interest in Egypt and 2) Egypt tax barrels. Management uses adjusted production to evaluate the company's operational trends and performance and believes it is useful to investors and other third parties.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**% Change** | &nbsp;&nbsp;&nbsp;&nbsp;**% Change** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Year Ended** |
| | | | | **4Q25 to 3Q25** | **4Q25 to 4Q24** | | |
| | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2024** | **4Q25 to 3Q25** | **4Q25 to 4Q24** | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
| **OIL VOLUME - Barrels per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 132001 | 121225 | 147573 | 9% | (11)% | 125526 | 128531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | 45863 | 44269 | 45017 | 4% | 2% | 44071 | 43817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Sea | 22744 | 23518 | 27683 | (3)% | (18)% | 24186 | 26340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 200608 | 189012 | 220273 | 6% | (9)% | 193783 | 198688 |
| **NATURAL GAS VOLUME - Mcf per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 442086 | 523271 | 511587 | (16)% | (14)% | 514502 | 483446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | 187859 | 184642 | 149816 | 2% | 25% | 175908 | 142363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Sea | 29763 | 34712 | 36842 | (14)% | (19)% | 31318 | 39986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 659708 | 742625 | 698245 | (11)% | (6)% | 721728 | 665795 |
| **NGL VOLUME - Barrels per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 75370 | 72709 | 80390 | 4% | (6)% | 76264 | 73877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Sea | 1190 | 1501 | 1311 | (21)% | (9)% | 1256 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 76560 | 74210 | 81701 | 3% | (6)% | 77520 | 75078 |
| **BOE per day** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 281051 | 281145 | 313227 | —% | (10)% | 287539 | 282983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | 77173 | 75043 | 69986 | 3% | 10% | 73389 | 67544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Sea | 28895 | 30804 | 35134 | (6)% | (18)% | 30662 | 34204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 387119 | 386992 | 418347 | —% | (7)% | 391590 | 384731 |

---

------

**APA CORPORATION**

**PRICE INFORMATION**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Year Ended** |
| | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2024** | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
| **AVERAGE OIL PRICE PER BARREL** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | $59.97 | $66.03 | $70.38 | $65.71 | $75.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | 62.11 | 68.63 | 74.54 | 67.97 | 80.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Sea | 63.18 | 69.78 | 75.42 | 69.31 | 80.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 61.03 | 67.43 | 72.42 | 66.92 | 78.08 |
| **AVERAGE NATURAL GAS PRICE PER MCF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | $0.15 | $0.71 | $1.01 | $1.02 | $0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | 3.89 | 3.75 | 2.97 | 3.59 | 2.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Sea | 10.26 | 11.06 | 14.40 | 12.03 | 10.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 2.10 | 2.25 | 2.20 | 2.36 | 1.97 |
| **AVERAGE NGL PRICE PER BARREL** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | $20.43 | $20.11 | $24.52 | $22.13 | $22.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Sea | 40.64 | 40.42 | 50.65 | 43.59 | 47.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 20.95 | 20.65 | 25.08 | 22.71 | 23.37 |

---

------

**APA CORPORATION**

**SUPPLEMENTAL FINANCIAL INFORMATION**

(Unaudited)

(In millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SUMMARY EXPLORATION EXPENSE INFORMATION** | **SUMMARY EXPLORATION EXPENSE INFORMATION** | **SUMMARY EXPLORATION EXPENSE INFORMATION** | **SUMMARY EXPLORATION EXPENSE INFORMATION** | **SUMMARY EXPLORATION EXPENSE INFORMATION** |
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Unproved leasehold impairments | $2 | $24 | $2 | $35 |
| Dry hole expense | 20 | 29 | 67 | 201 |
| Geological and geophysical expense | 1 |  | 8 | 21 |
| Exploration overhead and other | 13 | 12 | 54 | 56 |
|  | $36 | $65 | $131 | $313 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SUMMARY STOCK-SETTLED AND CASH-SETTLED EQUITY COMPENSATION INFORMATION** | **SUMMARY STOCK-SETTLED AND CASH-SETTLED EQUITY COMPENSATION INFORMATION** | **SUMMARY STOCK-SETTLED AND CASH-SETTLED EQUITY COMPENSATION INFORMATION** | **SUMMARY STOCK-SETTLED AND CASH-SETTLED EQUITY COMPENSATION INFORMATION** | **SUMMARY STOCK-SETTLED AND CASH-SETTLED EQUITY COMPENSATION INFORMATION** | **SUMMARY STOCK-SETTLED AND CASH-SETTLED EQUITY COMPENSATION INFORMATION** |
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
| Stock-settled and cash-settled compensation expensed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease operating expenses | $5 | $11 | $1 | $26 | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration | 1 | 3 | 1 | 7 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 12 | 37 | 11 | 74 | 29 |
| Total stock-settled and cash-settled compensation expensed | 18 | 51 | 13 | 107 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-settled and cash-settled compensation capitalized | 3 | 6 | 1 | 15 | 9 |
| Total stock-settled and cash-settled compensation costs | $21 | $57 | $14 | $122 | $58 |

---

------

**APA CORPORATION**

**SUPPLEMENTAL FINANCIAL INFORMATION**

(Unaudited)

(In millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SUMMARY CASH FLOW INFORMATION** | **SUMMARY CASH FLOW INFORMATION** | **SUMMARY CASH FLOW INFORMATION** | **SUMMARY CASH FLOW INFORMATION** | **SUMMARY CASH FLOW INFORMATION** |
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net cash provided by operating activities | $808 | $1036 | $4545 | $3620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to oil and gas property | (584) | (698) | (2740) | (2851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leasehold and property acquisitions | (6) | 4 | (26) | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from asset divestitures | 21 | 885 | 611 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of Kinetik shares |  |  |  | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (3) | (108) | 2 | (50) |
| Net cash provided by (used in) investing activities | $(572) | $83 | $(2153) | $(924) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on commercial paper and revolving credit facilities, net |  | (230) | (333) | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from term loan facility |  |  |  | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on term loan facility |  | (100) | (900) | (600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment on Callon Credit Agreement |  |  |  | (472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed-rate debt borrowings |  |  | 846 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on fixed-rate debt |  |  | (1016) | (1641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interest | (40) | (35) | (430) | (268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock activity, net | (65) | (100) | (280) | (246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid to APA common stockholders | (89) | (93) | (360) | (353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (1) |  | (28) | (38) |
| Net cash used in financing activities | $(195) | $(558) | $(2501) | $(2158) |

---

---

| | | |
|:---|:---|:---|
| **SUMMARY BALANCE SHEET INFORMATION** | **SUMMARY BALANCE SHEET INFORMATION** | **SUMMARY BALANCE SHEET INFORMATION** |
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Cash and cash equivalents | $516 | $625 |
| Other current assets | 1605 | 2779 |
| Property and equipment, net | 12748 | 12646 |
| Decommissioning security for sold Gulf of America properties | 21 | 21 |
| Other assets | 2871 | 3319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $17761 | $19390 |
| Current debt | $213 | $53 |
| Current liabilities | 2358 | 2902 |
| Long-term debt | 4280 | 5991 |
| Decommissioning contingency for sold Gulf of America properties | 782 | 929 |
| Deferred credits and other noncurrent liabilities | 3125 | 3153 |
| APA shareholders' equity | 6093 | 5280 |
| Noncontrolling interest | 910 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and equity | $17761 | $19390 |
| Common shares outstanding at end of period | 353 | 365 |

---

------

**APA CORPORATION**

**NON-GAAP FINANCIAL MEASURES**

(In millions)

**<u>Reconciliation of Costs incurred to Upstream capital investment</u>**

Management believes the presentation of upstream capital investments is useful for investors to assess APA's expenditures related to our upstream capital activity. We define capital investments as costs incurred for oil and gas activities, adjusted to exclude property and leasehold acquisitions, asset retirement additions and revisions, capitalized interest, and certain exploration expenses. Upstream capital expenditures attributable to a one-third noncontrolling interest in Egypt are also excluded. Management believes this provides a more accurate reflection of APA's cash expenditures related to upstream capital activity and is consistent with how we plan our capital budget.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Costs incurred in oil and gas property: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset and leasehold acquisitions | $7 | $10 | $33 | $4564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration and development | 647 | 752 | 2824 | 3298 |
| Total Costs incurred in oil and gas property | $654 | $762 | $2857 | $7862 |
| Reconciliation of Costs incurred to Upstream capital investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Costs incurred in oil and gas property | $654 | $762 | $2857 | $7862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset and leasehold acquisitions | (7) | (10) | (33) | (4564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations incurred - oil and gas property | (117) | (106) | (135) | (316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized interest | (13) | (7) | (45) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration seismic and administration costs | (14) | (12) | (62) | (77) |
| Upstream capital investment including noncontrolling interest - Egypt | $503 | $627 | $2582 | $2876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less noncontrolling interest - Egypt | (69) | (59) | (248) | (253) |
| Total Upstream capital investment | $434 | $568 | $2334 | $2623 |

---

**<u>Reconciliation of Net cash provided by operating activities to Cash flows from operations before changes in operating assets and liabilities and Free cash flow</u>**

Cash flows from operations before changes in operating assets and liabilities and free cash flow are non-GAAP financial measures. APA uses these measures internally and provides this information because management believes it is useful in evaluating the company's ability to generate cash to internally fund exploration and development activities, fund dividend programs, and service debt, as well as to compare our results from period to period. We believe these measures are also used by research analysts and investors to value and compare oil and gas exploration and production companies and are frequently included in published research reports when providing investment recommendations. Cash flows from operations before changes in operating assets and liabilities and free cash flow are additional measures of liquidity but are not measures of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities. Additionally, this presentation of free cash flow may not be comparable to similar measures presented by other companies in our industry.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net cash provided by operating activities | $808 | $1036 | $4545 | $3620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities | 224 | 107 | (292) | 535 |
| Cash flows from operations before changes in operating assets and liabilities | $1032 | $1143 | $4253 | $4155 |
| Adjustments to free cash flow: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstream capital investment including noncontrolling interest - Egypt | (503) | (627) | (2582) | (2876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abandonment and decommissioning spend | (54) | (49) | (176) | (135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leasehold acquisition and other | (10) | (12) | (41) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Sinopec noncontrolling interest | (40) | (35) | (430) | (268) |
| Free cash flow | $425 | $420 | $1024 | $841 |

---

------

**APA CORPORATION**

**NON-GAAP FINANCIAL MEASURES**

(In millions)

**<u>Reconciliation of Net cash provided by operating activities to Adjusted EBITDAX</u>**

Management believes EBITDAX, or earnings before income tax expense, interest expense, depreciation, amortization and exploration expense is a widely accepted financial indicator, and useful for investors, to assess a company's ability to incur and service debt, fund capital expenditures, and make distributions to shareholders. We define adjusted EBITDAX, a non-GAAP financial measure, as EBITDAX adjusted for certain items presented in the accompanying reconciliation. Management uses adjusted EBITDAX to evaluate our ability to fund our capital expenditures, debt services and other operational requirements and to compare our results from period to period by eliminating the impact of certain items that management does not consider to be representative of the Company's on-going operations. Management also believes adjusted EBITDAX facilitates investors and analysts in evaluating and comparing EBITDAX from period to period by eliminating differences caused by the existence and timing of certain operating expenses that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted EBITDAX may not be comparable to similar measures of other companies in our industry.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Year Ended** | **For the Year Ended** |
| | | | | **December 31,** | **December 31,** |
| | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2024** | **2025** | **2024** |
| Net cash provided by operating activities | $808 | $1460 | $1036 | $4545 | $3620 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration seismic and administrative costs | 14 | 18 | 12 | 62 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income tax provision | 101 | 100 | 308 | 739 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments to reconcile net income to net cash provided by operating activities | (11) | (28) | (16) | (57) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities | 224 | (271) | 107 | (292) | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing costs, net (excludes gain on extinguishment of debt) | 58 | 48 | 91 | 260 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction, reorganization & separation costs | 36 | 18 | 12 | 102 | 168 |
| Adjusted EBITDAX (Non-GAAP) | $1230 | $1345 | $1550 | $5359 | $5918 |

---

**<u>Reconciliation of debt to net debt</u>**

Net debt, or outstanding debt obligations less cash and cash equivalents, is a non-GAAP financial measure. Management uses net debt as a measure of the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** |
| Current debt | $213 | $213 | $263 | $131 |
| Long-term debt | 4280 | 4275 | 4288 | 5237 |
| &nbsp;&nbsp;&nbsp;Total debt | 4493 | 4488 | 4551 | 5368 |
| Cash and cash equivalents | 516 | 475 | 107 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Debt | $3977 | $4013 | $4444 | $5301 |

---

------

**APA CORPORATION**

**STATEMENT OF CONSOLIDATED OPERATIONS**

(In millions, except per share data)

**<u>Reconciliation of Income attributable to common stock to Adjusted earnings</u>**

Our presentation of adjusted earnings and adjusted earnings per share are non-GAAP measures because they exclude the effect of certain items included in Income Attributable to Common Stock. Management believes that adjusted earnings and adjusted earnings per share provides relevant and useful information, which is widely used by analysts, investors and competitors in our industry as well as by our management in assessing the Company's operational trends and comparability of results to our peers.

Management uses adjusted earnings and adjusted earnings per share to evaluate our operating and financial performance because it eliminates the impact of certain items that management does not consider to be representative of the Company's on-going business operations. As a performance measure, adjusted earnings may be useful to investors in facilitating comparisons to others in the Company's industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, capital structure and asset sales and other divestitures, among other factors. Management believes excluding these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted earnings and adjusted earnings per share may not be comparable to similar measures of other companies in our industry.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Before**<br>**Tax** | &nbsp;&nbsp;**Tax**<br>**Impact** | **After**<br>&nbsp;&nbsp;**Tax** | **Diluted**<br>**EPS** | **Before**<br>**Tax** | &nbsp;&nbsp;**Tax**<br>**Impact** | **After**<br>&nbsp;&nbsp;**Tax** | **Diluted**<br>**EPS** |
| Net income including noncontrolling interests (GAAP) | $489 | $(158) | $331 | $0.94 | $500 | $(75) | $425 | $1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income attributable to noncontrolling interests | 100 | (48) | 52 | 0.15 | 129 | (58) | 71 | 0.19 |
| Net income attributable to common stock | 389 | (110) | 279 | 0.79 | 371 | (17) | 354 | 0.96 |
| Adjustments: \* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset and unproved leasehold impairments | 46 | (10) | 36 | 0.10 | 42 | (16) | 26 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest & tax barrel impact on Egypt adjustments | (6) |  | (6) | (0.02) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation allowance and EPL revaluation |  | 31 | 31 | 0.09 |  | (11) | (11) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other tax adjustments |  |  |  |  |  | (224) | (224) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized derivative instrument (gains) losses | 37 | (8) | 29 | 0.08 | (10) | 2 | (8) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gains) losses on previously sold Gulf of America properties | (60) | 13 | (47) | (0.13) | 190 | (42) | 148 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction, reorganization & separation costs | 36 | (22) | 14 | 0.04 | 12 | (3) | 9 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on divestitures, net | (16) | 4 | (12) | (0.04) | (5) | 1 | (4) | (0.01) |
| Adjusted earnings (Non-GAAP) | $426 | $(102) | $324 | $0.91 | $600 | $(310) | $290 | $0.79 |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Before** | &nbsp;&nbsp;**Tax** | **After** | **Diluted** | **Before** | &nbsp;&nbsp;**Tax** | **After** | **Diluted** |
|  | **Tax** | **Impact** | &nbsp;&nbsp;**Tax** | **EPS** | **Tax** | **Impact** | &nbsp;&nbsp;**Tax** | **EPS** |
| Net income including noncontrolling interests (GAAP) | $2791 | $(1099) | $1692 | $4.71 | $1535 | $(417) | $1118 | $3.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income attributable to noncontrolling interests | 475 | (217) | 258 | 0.72 | 570 | (256) | 314 | 0.89 |
| Net income attributable to common stock | 2316 | (882) | 1434 | 3.99 | 965 | (161) | 804 | 2.27 |
| Adjustments: \* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset and unproved leasehold impairments | 46 | (10) | 36 | 0.10 | 1164 | (558) | 606 | 1.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest & tax barrel impact on Egypt adjustments | (6) |  | (6) | (0.02) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation allowance and EPL revaluation |  | 162 | 162 | 0.45 |  | 5 | 5 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other tax adjustments |  |  |  |  |  | (224) | (224) | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt | (147) | 32 | (115) | (0.32) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized derivative instrument losses | 77 | (17) | 60 | 0.17 | 8 | (2) | 6 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gains) losses on previously sold Gulf of America properties | (60) | 13 | (47) | (0.13) | 273 | (60) | 213 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik equity investment mark-to-market loss |  |  |  |  | 9 |  | 9 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction, reorganization & separation costs | 102 | (38) | 64 | 0.18 | 168 | (30) | 138 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on divestitures, net | (301) | 67 | (234) | (0.65) | (289) | 63 | (226) | (0.64) |
| Adjusted Earnings (Non-GAAP) | $2027 | $(673) | $1354 | $3.77 | $2298 | $(967) | $1331 | $3.77 |

---

\*The income tax effect of the reconciling items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides.

------

**APA CORPORATION**

**OIL & GAS RESERVES INFORMATION**

**For the Year Ended December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OIL (Mbbl)** | | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. | &nbsp;&nbsp;&nbsp;&nbsp;Egypt <sup>(1)</sup> | &nbsp;&nbsp;North Sea | Suriname | &nbsp;&nbsp;&nbsp;Total <sup>(1)</sup> |
| Balance - Dec 31, 2024 | 292027 | 103611 | 30436 | 73637 | 499711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extensions and Discoveries | 39804 | 17646 |  |  | 57450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revisions | 24942 | 20088 | 528 | 152 | 45710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production | (45817) | (32017) | (8828) |  | (86662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (7577) |  |  |  | (7577) |
| Balance - Dec 31, 2025 | 303379 | 109328 | 22136 | 73789 | 508632 |
| **NGL's (Mbbl)** |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. | &nbsp;&nbsp;&nbsp;&nbsp;Egypt <sup>(1)</sup> | &nbsp;&nbsp;North Sea | Suriname | &nbsp;&nbsp;&nbsp;Total <sup>(1)</sup> |
| Balance - Dec 31, 2024 | 208197 |  | 744 |  | 208941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extensions and Discoveries | 16232 |  |  |  | 16232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revisions | 47852 |  | 614 |  | 48466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production | (27836) |  | (459) |  | (28295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (5317) |  |  |  | (5317) |
| Balance - Dec 31, 2025 | 239128 |  | 899 |  | 240027 |
| **GAS (MMcf)** |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. | &nbsp;&nbsp;&nbsp;&nbsp;Egypt <sup>(1)</sup> | &nbsp;&nbsp;North Sea | Suriname | &nbsp;&nbsp;&nbsp;Total <sup>(1)</sup> |
| Balance - Dec 31, 2024 | 1174235 | 360404 | 28028 |  | 1562667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extensions and Discoveries | 95264 | 65514 |  |  | 160778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revisions | 386166 | 101230 | (3856) |  | 483540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production | (187793) | (128033) | (11431) |  | (327257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (34377) |  |  |  | (34377) |
| Balance - Dec 31, 2025 | 1433495 | 399115 | 12741 |  | 1845351 |
| **TOTAL BOE (Mboe)** |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. | &nbsp;&nbsp;&nbsp;&nbsp;Egypt <sup>(1)</sup> | &nbsp;&nbsp;North Sea | Suriname | &nbsp;&nbsp;&nbsp;Total <sup>(1)</sup> |
| Balance - Dec 31, 2024 | 695930 | 163678 | 35852 | 73637 | 969097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extensions and Discoveries | 71913 | 28565 |  |  | 100478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revisions | 137155 | 36960 | 499 | 152 | 174766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production | (104952) | (53356) | (11192) |  | (169500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (18624) |  |  |  | (18624) |
| Balance - Dec 31, 2025 | 781422 | 175847 | 25159 | 73789 | 1056217 |
| **Proved developed reserves:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil (Mbbls) | 182300 | 101750 | 22136 |  | 306186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL's (Mbbls) | 180690 |  | 899 |  | 181589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas (Mboe) | 182565 | 61889 | 2124 |  | 246578 |
| Balance - Dec 31, 2025 (Mboe) | 545555 | 163639 | 25159 |  | 734353 |

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<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes reserves attributable to noncontrolling interest in Egypt.