APA Corporation provided updated fourth-quarter 2025 estimates showing average realized oil prices of $59.90 per barrel in the U.S. and $62.30 internationally. NGL realizations are estimated at $20.40 per barrel domestically and $40.60 abroad, while natural gas is pegged at $0.15 per Mcf in the U.S. and $4.30 overseas. Management highlighted anticipated production of 34 thousand barrels of oil equivalent per day in Egypt. Dry hole costs before tax are estimated at $20 million, and the company expects a pre-tax net gain of $193 million on oil and gas purchases and sales, including commodity derivative impacts.

For the fourth quarter, APA incurred $36 million of transaction, reorganization and separation costs, double the $18 million reported in the prior quarter. These expenses primarily relate to early termination of office leases in the U.S. and U.K., contract termination fees and other restructuring activities tied to the company’s ongoing portfolio optimization efforts.

In response to weak U.S. hub prices, APA curtailed approximately 91 million cubic feet per day of natural gas and 7,600 barrels per day of natural gas liquids during the quarter. The company’s estimated weighted-average basic shares outstanding were 355 million, and APA repurchased 2.7 million shares at an average cost of $24.17 each, reflecting continued capital allocation to shareholder returns.

APA will host a conference call on Thursday, February 26 at 10 a.m. Central Time to discuss fourth-quarter and full-year 2025 results. The event will be webcast live from the company’s website, with a replay available for one year on the investor page. Investors and analysts are encouraged to participate for detailed Q&A with management.