Monitor the May 7 earnings call for finalized Q1 2026 results, particularly revenue and EPS relative to consensus ($2.20B revenue, $1.10 EPS). The negative realized natural gas price and G&A overage are near-term headwinds.
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Executive Summary
APA Corp provided preliminary Q1 2026 operational and financial updates, including estimated average realized prices and higher-than-expected G&A expenses due to stock-based compensation. No final earnings or revenue figures were released, and the company reiterated its May 7 earnings call for full results.
Key Facts
- APA issued a preliminary update for Q1 2026, disclosing estimated average realized prices: $72.50/bbl oil in the U.S., $85.70/bbl internationally, and negative $0.35/Mcf for U.S. natural gas.
- The company curtailed 88 MMcfd of U.S. natural gas and 6,800 bpd of NGLs due to weak Waha hub prices.
- General and administrative expenses were $115 million, including $25 million in higher-than-expected stock-based compensation due to share price appreciation.
- No actual EPS or revenue results were reported; full financials will be released on May 7.
- This filing supplements the prior 8-K with forward-looking estimates, not finalized financials.
Financial Impact
Supplemental guidance only — no finalized financials reported. Estimated average realized prices provided for oil, NGLs, and natural gas. G&A expenses noted as higher than expected due to mark-to-market on stock compensation.
Risk Factors
- Negative realized natural gas prices in the U.S. due to Waha hub weakness could pressure margins.
- Higher stock-based compensation costs may pressure G&A and overall profitability if share price remains elevated.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001841666-26-000021 |
| Document: a1q26supplementalguide-ear.htm | 0001841666-26-000021 |
| Document: 0001841666-26-000021-index-headers.html | 0001841666-26-000021 |
| Document: 0001841666-26-000021-index.html | 0001841666-26-000021 |
| Document: 0001841666-26-000021.txt | 0001841666-26-000021 |
| 8-K Data (Synthetic) | 0001841666-26-000021 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 10, 2026 16w ago | Press Release | $38.00 $44.18 | ▲ +16.26% | ▲ +9.68% | $43.68 (+14.95%) |
May 26, 2026 18w ago | 8-K | $36.59 $44.39 | ▲ +21.33% | ▲ +19.71% | $43.68 (+19.39%) |
May 6, 2026 21w ago | 8-K | $36.21 $37.32 | ▲ +3.08% | ▲ +0.96% | $43.68 (+20.64%) |
Apr 14, 2026 24w ago | 8-K | $36.58 $33.29 | ▼ −8.98% | ▼ −16.38% | $43.68 (+19.42%) |
Mar 5, 2026 30w ago | Press Release | $32.68 $37.75 | ▲ +15.53% | ▲ +2.75% | $43.68 (+33.68%) |
US Market Status
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