# APA Corporation (APA) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/APA/thesis · /stocks/APA/memo

## Financial Snapshot

---
ticker: APA
step: 04
generated: 2026-05-13
source: quick-research
---

### APA Corporation (APA) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $12.13B | $8.19B | $9.74B | +18.9% |
| Gross Margin | ~45% | ~40% | ~38% | |
| Operating Margin | ~30% | ~18% | ~15% | |
| Net Income | $3.67B | $2.90B | $804M | -72.4% |
| EPS (diluted, GAAP) | $11.02 | $9.25 | $2.27 | -75.5% |
| EPS (adjusted) | $7.68 | $4.53 | $3.77 | -16.8% |

*FY2022 peak earnings reflect $90+ WTI prices. FY2023 sharp revenue decline from oil price normalization. FY2024 revenue recovery (+18.9%) driven by Callon acquisition (completed April 2024), but GAAP net income collapsed due to acquisition-related costs, increased D&A, and higher interest expense from assumed Callon debt. Adjusted EPS of $3.77 is the more useful profitability metric.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow (FY2024) | $3.6B |
| Adjusted EBITDAX (FY2024) | $5.9B |
| Free Cash Flow (FY2024) | ~$1.0–1.3B (post capex) |
| Debt Repaid (since 2021) | $2.0B+ |
| Suriname GranMorgu capex (2025) | $200M |
| FCF Return Commitment | 60%+ to shareholders |
| Total Proved Reserves | 1.056B BOE |

#### Key Ratios (approximate)
- P/E: ~6–7x (adjusted) | EV/EBITDA: ~3–4x | FCF Yield: ~12–15%
- Revenue Growth (FY2024): +18.9% (Callon-driven) | Adj. EBITDAX margin: ~61%
- Production guidance (FY2025): ~396,000 BOE/day (+3% YoY)
- Egypt arrears owed to APA: ~$1.3B (expected cleared by mid-2026)

#### Growth Profile
APA is a commodity-price-driven E&P with significant international optionality. The Callon acquisition added Permian scale but also debt and integration risk. The transformative long-term catalyst is Suriname Block 58 — the GranMorgu deepwater oil project reached FID in late 2024, with first oil expected mid-decade and gross capacity of ~220K bbl/day. Egypt's new premium gas pricing agreement ($3.58-4.25/Mcf) and clearing of $1.3B in government arrears are near-term cash flow catalysts.

#### Forward Estimates
- FY2025 production: ~396,000 BOE/day guided
- FY2025 capex: $2.5-2.6B (includes $200M Suriname + $100M Alaska)
- Egypt arrears: ~$1.3B expected recovered by mid-2026 (potential special dividend trigger)
- Suriname first oil: Expected ~2027-2028 (FID 2024, ~3 year construction)
- Analyst consensus: Mixed; stock down sharply from 2022 highs as commodity prices normalized

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/APA/fundamental

## Navigation

- Overview: /stocks/APA
- Financials (this page): /stocks/APA/financials
- Thesis: /stocks/APA/thesis
- Investment Memo: /stocks/APA/memo
- Coverage universe: /stocks