APA Corporation Reports $36 Million Q4 Reorganization Costs and 2.7 Million Share Buyback
APA Corporation’s Q4 2025 estimates show average realized oil prices of $59.90/bbl US and $62.30/bbl international, with NGL at $20.40 domestic and $40.60 abroad, and include $36 million in reorganization costs versus $18 million in Q3. The company repurchased 2.7 million shares at $24.17 while curtailing 91 MMcf/d gas and 7,600 bpd NGL.
1. Estimated Realized Prices and Production Metrics
APA Corporation’s management provided supplemental 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. International realized prices are estimated at $62.30 per barrel of oil, $40.60 per barrel of NGL and $4.30 per Mcf of gas. In Egypt, production averaged 34 thousand barrels of oil equivalent per day. Dry hole drilling costs before tax totaled $20 million, and net gains on oil and gas purchases and sales, including commodity derivative impacts, reached $193 million prior to tax.
2. Transaction, Reorganization and Separation Expenses
During Q4 2025, APA incurred $36 million in transaction, reorganization and separation expenses, double the $18 million recorded in Q3. These costs primarily reflect early termination charges for U.S. and U.K. office leases and contract exit fees tied to corporate restructuring activities.
3. Production Curtailed and Share Repurchases
In response to weak or negative Waha hub pricing, APA curtailed 91 MMcf/d of U.S. natural gas production and 7,600 barrels per day of U.S. NGL output during the quarter. The company’s estimated weighted-average basic common shares outstanding were 355 million, following repurchases of 2.7 million shares at an average cost of $24.17 per share.
4. Fourth-Quarter Results Conference Call
APA will host its fourth-quarter and full-year 2025 earnings conference call on Thursday, February 26 at 10 a.m. Central Time. The live webcast and subsequent one-year replay will be accessible via the Investors section of APA’s corporate website.