Monitor the Nov. 5 earnings call for full Q3 results, especially production volumes, cash flow, and any updated capital return or debt reduction plans. The share repurchase activity suggests management sees value at current levels, but the supplemental data lacks the detail needed for a directional call.
Price Chart
Executive Summary
APA Corp issued a supplemental update for Q3 2026, providing estimated average realized prices, dry hole costs, a net gain on oil and gas purchases and sales, and share repurchase activity. The filing is a pre-earnings preview, not a full earnings release, and contains no complete financial statements or guidance changes. The key takeaway is the disclosure of 10.5 million shares repurchased at an average price of $42.78 during the quarter, signaling ongoing capital return.
Key Facts
- Estimated Q3 2026 US oil price: $87.50/bbl; International oil: $98.50/bbl
- Estimated Q3 2026 US natural gas price: $1.45/Mcf; International: $5.00/Mcf
- Estimated Q3 2026 US NGL price: $26.00/bbl; International: $155.00/bbl (low volumes)
- Egypt tax barrels estimated at 36 MBoed
- Dry hole costs (pre-tax): $25 million
- Net gain on oil and gas purchases and sales (pre-tax): $190 million, including $8 million realized gain from commodity derivatives
- Weighted-average basic shares for Q3: 348 million
- APA repurchased 10.5 million shares at an average price of $42.78 during Q3
- General and administrative expenses: ~$115 million, including $56 million of stock-based compensation (mark-to-market impact)
- Full Q3 2026 earnings call scheduled for Nov. 5, 2026
Financial Impact
Supplemental data only; no full financials. Key items: $190M net gain on purchases/sales, $25M dry hole costs, 10.5M shares repurchased for ~$449M.
Risk Factors
- Commodity price volatility could materially impact Q3 actual results vs these estimates
- Egypt tax barrels and PSC impacts may reduce reported production and cash flow
- Stock-based compensation mark-to-market adds noise to G&A; share price decline could inflate future comp expense
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001841666-26-000058 |
| Document: a3q26supplementalguide-ear.htm | 0001841666-26-000058 |
| Document: 0001841666-26-000058-index-headers.html | 0001841666-26-000058 |
| Document: 0001841666-26-000058-index.html | 0001841666-26-000058 |
| Document: 0001841666-26-000058.txt | 0001841666-26-000058 |
| 8-K Data (Synthetic) | 0001841666-26-000058 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 20d ago | 8-K | $45.24 | awaiting T+20 | — | $50.79 (+12.27%) |
Sep 16, 2026 5w ago | Press Release | $45.46 $47.23 | ▲ +3.89% | ▲ +2.69% | $50.79 (+11.72%) |
Jun 10, 2026 19w ago | Press Release | $38.00 $33.29 | ▼ −12.39% | ▼ −16.02% | $50.79 (+33.66%) |
May 26, 2026 22w ago | 8-K | $36.59 $33.33 | ▼ −8.91% | ▼ −6.62% | $50.79 (+38.82%) |
May 6, 2026 24w ago | 8-K | $36.21 $38.33 | ▲ +5.87% | ▲ +2.73% | $50.79 (+40.28%) |
Apr 14, 2026 28w ago | 8-K | $36.58 $37.09 | ▲ +1.41% | ▼ −4.64% | $50.79 (+38.86%) |
Mar 5, 2026 33w ago | Press Release | $32.68 $43.01 | ▲ +31.62% | ▲ +33.66% | $50.79 (+55.44%) |
US Market Status
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