APA Corporation provided preliminary estimates for fourth-quarter 2025 average realized prices of $59.90 per barrel of oil, $20.40 per barrel of natural gas liquids and $0.15 per Mcf of natural gas in the United States, alongside international realizations of $62.30 per barrel of oil, $40.60 per barrel of NGL and $4.30 per Mcf of gas. Management noted a before-tax net gain of $193 million on oil and gas purchases and sales, inclusive of commodity derivative results, and dry hole drilling costs of $20 million. Egypt production contributed approximately 34 thousand Boe per day to the quarter’s volumes.

During the quarter, APA incurred $36 million in transaction, reorganization and separation expenses—double the $18 million recorded in 3Q25. These charges primarily reflect early termination fees for U.S. and U.K. office leases and contract buyouts associated with corporate restructuring efforts. Management cautioned that additional separation-related costs could arise as integration and strategic realignment activities continue.

In response to weak or negative pricing at the Waha hub, APA curtailed 91 MMcf per day of U.S. natural gas production and 7,600 barrels per day of U.S. natural gas liquids volumes in the quarter. The company emphasized that these temporary reductions were intended to preserve cash flows and optimize returns until regional price dynamics improve. International operations, including Suriname exploration and U.K. producing assets, continued unimpeded.

APA’s estimated weighted-average basic common shares outstanding for 4Q25 stand at 355 million, following repurchases of 2.7 million shares at an average cost of $24.17 each. The company will host its fourth-quarter and full-year 2025 results conference call on Thursday, February 26 at 10 a.m. Central Time, available via webcast on APA’s investor website, with a replay to be archived for one year.