The EPS beat YoY and strong FCF generation are encouraging, but the revenue decline (especially gas/NGL) warrants caution. With raised production guidance and debt reduction, the stock may see modest upside, but traders should monitor commodity price trends and Q2 production guidance for confirmation of operational momentum.
Price Chart
Executive Summary
APA reported Q1 2026 GAAP diluted EPS of $1.26, up 31% YoY from $0.96, but total revenue fell 11.7% YoY to $2.327B due to lower natural gas and NGL prices. Adjusted EBITDAX of $1.6B and free cash flow of $477M were strong, and the company raised its full-year U.S. oil production outlook to 122,000 bpd. The mixed revenue/earnings split and capital discipline support a neutral-to-positive read, though the top-line decline tempers enthusiasm.
Key Financial Metrics
Key Facts
- GAAP diluted EPS $1.26 vs $0.96 Q1 2025 (+31% YoY)
- Total revenue $2.327B vs $2.636B Q1 2025 (-11.7% YoY)
- Oil revenue $1.644B (+2.75% YoY), gas revenue $157B (-32.6% YoY)
- Adjusted EBITDAX $1.562B vs $1.485B Q1 2025 (+5.2%)
- Free cash flow $477M vs $126M Q1 2025 (+279%)
- Raised full-year U.S. oil production outlook to 122,000 bpd
- Total production 442,352 BOE/d, down 6% YoY
- Repaid $634M in near-term bonds through April; interest savings >$60M expected in 2026
Financial Impact
Q1 2026 GAAP net income $446M vs $347M Q1 2025; revenue declined ~$309M
Risk Factors
- Continued weakness in natural gas and NGL pricing
- Production decline in the North Sea and U.S. gas
- Uncertainty around Egypt operations and noncontrolling interest impact
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001841666-26-000027 |
| Document: apa8k-20260506.htm | 0001841666-26-000027 |
| Document: 0001841666-26-000027-index-headers.html | 0001841666-26-000027 |
| Document: 0001841666-26-000027-index.html | 0001841666-26-000027 |
| Document: 0001841666-26-000027.txt | 0001841666-26-000027 |
| 8-K Data (Synthetic) | 0001841666-26-000027 |
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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