APA recorded average realized prices of $72.50/bbl for U.S. oil and $85.70/bbl internationally, along with net gains of $244 million on oil and gas purchases and sales before tax, which included a $66 million derivatives loss. The company incurred $115 million in G&A expenses (including $25 million in stock-based compensation), spent $11 million on dry hole costs, and averaged 43 MBoe/d of Egypt tax barrels while curtailing 88 MMcf/d of natural gas and 6,800 bbl/d of NGL production.

APA shares have rallied 60% year-to-date, outperforming the broader market as heightened Middle East tensions disrupted oil flows through the Strait of Hormuz. This geopolitical backdrop has driven renewed investor interest in energy equities, contributing to APA’s strong valuation gains.