APA · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

APA Corporation

32 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Egyptian General Petroleum Corporation (EGPC)

earns from · approximately 15 percent of the Company’s worldwide crude oil, natural gas, and NGLs revenues

During 2025, sales to EGPC in Egypt accounted for approximately 15 percent of the Company’s worldwide crude oil, natural gas, and NGLs revenues.Business (Item 1)

Suppliers

Scottish Area Gas Evacuation (SAGE) gas plant

depends on

Natural gas from the Beryl field is processed through the Scottish Area Gas Evacuation (SAGE) gas plant, operated by Ancala Midstream Acquisitions Limited.Business (Item 1)

Partners and platforms

Sinopec International Petroleum Exploration and Production Corporation

one-third

The APA subsidiary that is the sole Contractor under the MCA is owned by an APA-operated joint venture owned two-thirds by the Company and one-third by Sinopec International Petroleum Exploration and Production Corporation (Sinopec).Business (Item 1)

TotalEnergies

depends on · 50 percent working interest

The Company holds a 50 percent working interest in exploration activities in Block 58, which comprises approximately 1.4 million gross acres in water depths ranging from less than 100 meters to more than 2,100 meters.Business (Item 1)

Staatsolie

20 percent share

Under the terms of the Block 58 PSCs, Staatsolie exercised its right to participate in the GranMorgu development and production for a 20 percent share.Business (Item 1)

Other companies

Callon Petroleum Company

approximately $4.5 billion

On April 1, 2024, APA completed its acquisition of Callon Petroleum Company (Callon) in an all-stock transaction valued at approximately $4.5 billion, inclusive of Callon’s debt.Business (Item 1)

OPEC+

exposed to its pricenamed as a risk

The Company continually monitors its market risk exposure, as oil and gas supply and demand are impacted by uncertainties in the commodity and financial markets, actions taken by foreign oil and gas producing nations, including OPEC+, global inflation, and other current events.Market risk (Item 7A)

Also named by CHRD, CPAY, CRC, CRGY, DMLP, KMI, KRP, MUR and 9 more

Gulf of America decommissioning obligations on sold properties

named as a risk

For additional information regarding Apache’s prior Gulf of America properties and the bankruptcy of the purchaser of those properties, see the information set forth under “Potential Decommissioning Obligations on Sold Properties” in Note 10—Commitments and Contingencies in the Notes to Consolidated Financial Statements set forth in Part IV, Item 15 of this Annual Report on Form 10-K.Risk factors (Item 1A)

Places

Alaska

operates in · approximately 325,000 gross acres (163,000 net acres)named as a risk

APA holds approximately 325,000 gross acres (163,000 net acres) of undeveloped acreage on the North Slope of Alaska.Business (Item 1)

Also named by ALK, CDE, COP, GLIBK, HL

Egypt

operates in · 31 percent of 2025 production and 17 percent of 2025 year-end estimated proved reservesnamed as a risk

The Company’s Egypt assets, including the one-third noncontrolling interest, contributed 31 percent of 2025 production and 17 percent of 2025 year-end estimated proved reserves.Business (Item 1)

Also named by BALL, JNJ, MDLZ, UBER

North Sea

operates in · 7 percent of the Company’s 2025 productionnamed as a risk

These assets contributed 7 percent of the Company’s 2025 production and approximately 2 percent of year-end 2025 estimated proved reserves.Business (Item 1)

Also named by HAL, VTOL

North Sea

operates in · $796 million of impairmentsnamed as a risk

For example, during 2024, the Company recorded $796 million of impairments for certain of its North Sea proved properties as a result of several new regulatory guidelines and obligations in the U.K.Risk factors (Item 1A)

Also named by HAL, VTOL

Suriname

operates in · $10.5 billionnamed as a risk

Total investment is estimated at $10.5 billion, with APA’s share of the investment subject to the existing joint venture agreement with TotalEnergies to carry a portion of Apache’s appraisal and development capital.Business (Item 1)

United States

operates in · approximately 62 percent of production, 53 percent of oil and gas revenues, and 74 percent of estimated year-end proved reserves

In 2025, the Company’s U.S. oil and gas operations contributed approximately 62 percent of production, 53 percent of oil and gas revenues, and 74 percent of estimated year-end proved reserves.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, AXGN, AXP, BALL, BAM and 139 more

Egypt

operates innamed as a risk

Additionally, previous deteriorations in the economic conditions in Egypt have led to a shortage of foreign currency, including U.S. dollars, resulting in a decline in the timeliness of payments from EGPC, and such declines may reoccur if conditions were to deteriorate again.Risk factors (Item 1A)

Also named by BALL, JNJ, MDLZ, UBER

Uruguay

operates innamed as a risk

For example, in Uruguay, legal actions have recently been filed seeking to enjoin offshore drilling activities and to prevent the acquisition of seismic data.Risk factors (Item 1A)

Permian Basin

concentrated in

The Permian Basin is a foundational asset for APA, providing the Company’s largest source of production and cash flow.Business (Item 1)

Also named by AESI, ARLP, AROC, ATO, CRGY, CVX, DINO, DMLP and 20 more

Hazards

Gulf of America hurricanes

operates innamed as a risk

In addition, the Company’s exploration, development, and production activities and equipment have been and can be adversely affected by severe weather, such as freezing temperatures, hurricanes in the Gulf of America, or major storms in the North Sea, each of which have previously caused and may cause a loss of production from temporary cessation of activity or lost or damaged equipment.Risk factors (Item 1A)

Also named by VTOL

Commodities and inputs

Crude oil

exposed to its price · approximately $87 millionnamed as a risk

Based on average daily production for 2025, a $1.00 per barrel change in the weighted average realized oil price would have increased or decreased revenues for the year by approximately $87 million, a $0.10 per Mcf change in the weighted average realized natural gas price would have increased or decreased revenues for the year by approximately $33 million, and a $1.00 per barrel change in the weighted average realized NGL price would have increased or decreased revenues for the year by approximately $28 million.Market risk (Item 7A)

Also named by AESI, ALK, ARLP, BDX, CFR, CL, CLMT, COP and 48 more

Natural gas

exposed to its price · approximately $33 millionnamed as a risk

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

British pound

exposed to its price · £120 millionnamed as a risk

Subsequent to December 31, 2025, the Company entered into outstanding foreign exchange contracts with a total notional amount of £120 million to reduce its exposure to fluctuating foreign exchange rates for the British pound.Market risk (Item 7A)

Also named by ABBV, ADBE, AJG, AME, AMP, BF/B, BRO, CACI and 39 more

Natural gas liquids (NGLs)

exposed to its price · approximately $28 millionnamed as a risk

Also named by AM, AR, CHRD, CNX, CRGY, DOW, DVN, EOG and 17 more

Permian-Gulf Coast gas price spread

exposed to its pricenamed as a risk

As additional gas pipeline takeaway capacity in the Permian Basin comes online, the spread between Permian and Gulf Coast gas prices may compress, which would reduce the Company’s gain on third-party oil and gas purchases and sales.Risk factors (Item 1A)

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

For example, the U.S. Environmental Protection Agency (EPA) has adopted and/or proposed revisions to methane and volatile organic compound standards for new and existing sources in the oil and gas sector, and the EPA’s Greenhouse Gas Reporting Program has been subject to ongoing rulemaking activity, including recent activity to reduce theBusiness (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APD, APG, AROC, AYI and 78 more

Railroad Commission of Texas

subject tonamed as a risk

Regulators in some states, such as the Railroad Commission of Texas, have taken actions to limit disposal well activities (including orders to temporarily shut down or to curtail water injection) and to require the monitoring of seismic activity.Risk factors (Item 1A)

Also named by ATO, DMLP, DVN, MUR, NRG, OKE, PR, TPL and 2 more

Offshore Petroleum Regulator for Environment and Decommissioning (OPRED)

subject tonamed as a risk

For example, on September 5, 2025, the Offshore Petroleum Regulator for Environment and Decommissioning (OPRED) opened a consultation on draft supplementary guidance on the methodology for considering derogations for removal of certain subsea structures under OSPAR Decision 98/3.Risk factors (Item 1A)

Laws and programs

U.S. Corporate Alternative Minimum Tax (Inflation Reduction Act of 2022)

subject to · 15 percentnamed as a risk

Effective January 1, 2024, the Company is subject to the Corporate AMT.Risk factors (Item 1A)

Also named by DVN, SNDK, STE, ZM

U.K. Energy Profits Levy

subject to · 38 percentnamed as a risk

Such changes, effective for the period of November 1, 2024, through March 31, 2030, increased the levy to 38 percent, removed certain allowances, and extended the EPL period.Risk factors (Item 1A)

Egypt Merged Concession Agreement (MCA)

subject to · 98 percent of gross acreage and 90 percent of gross production

The MCA consolidated 98 percent of gross acreage and 90 percent of gross production under one concession agreement and refreshed the existing development lease terms for 20 years and exploration leases for 5 years.Business (Item 1)

EGPC gas sales agreement

earns from · minimum realized price of $2.65 per MMBtu

In Egypt, substantially all of the Company’s 2025 natural gas production is sold to EGPC pursuant to a gas sales agreement that establishes pricing based on a minimum realized price of $2.65 per MMBtu, with the potential for higher pricing on incremental volumes when pre-determined production thresholds are met.Business (Item 1)

U.S. natural gas and crude oil delivery commitments

an average of 152 Bcf of natural gas per year for the period from 2026 through 2029

The Company has long-term delivery commitments for natural gas and crude oil that require APA to deliver an average of 152 Bcf of natural gas per year for the period from 2026 through 2029, an average of 49 Bcf of natural gas per year for the period from 2030 through 2037, an average of 1.8 MMbbls of crude oil per year for the period from 2026 through 2028, and de minimis crude oil volumes in the year 2029, in each case, at variable, domestic and/or international, market-based pricing.Business (Item 1)

Methane Emissions Reduction Program

subject tonamed as a risk

In addition, the Inflation Reduction Act of 2022 established a Methane Emissions Reduction Program that contemplates the assessment of a “waste emissions charge” for certain methane emissions from facilities already subject to reporting requirements, which has been delayed until 2034.Business (Item 1)