APA Corporation provided updated estimates for fourth-quarter 2025 average realized prices, reporting U.S. oil at $59.90 per barrel, U.S. natural gas liquids at $20.40 per barrel and U.S. natural gas at $0.15 per Mcf. International realizations were $62.30 per barrel for oil, $40.60 per barrel for liquids and $4.30 per Mcf for gas. The company also disclosed that its Egypt operations paid tax on 34,000 barrels of oil equivalent per day during the quarter and incurred dry hole costs of $20 million before tax. APA recorded a net gain on oil and gas purchases and sales of $193 million before tax, which includes realized gains and losses from its commodity derivatives program.

During 4Q25, APA’s transaction, reorganization and separation expenses totaled $36 million, double the $18 million recorded in the prior quarter. The increase primarily reflects early termination costs for office leases in the U.S. and U.K., as well as contract termination fees related to the company’s ongoing structural changes. These expenses will be presented separately from operating costs in the final fourth-quarter financial statements.

APA voluntarily curtailed approximately 91 million cubic feet per day of U.S. natural gas production and 7,600 barrels per day of U.S. natural gas liquids production during the quarter. The decision was driven by weak or negative pricing at the Waha hub and is expected to reduce operating cash flow in the short term while preserving inventory for periods of stronger commodity prices.

The company estimates its weighted-average basic common shares outstanding for fourth-quarter 2025 at 355 million. During the quarter, APA repurchased 2.7 million shares. Management will discuss the detailed results for fourth-quarter and full-year 2025 on a conference call scheduled for 10 a.m. Central Time on February 26, with a live webcast and replay available on the company’s investor website for one year.