APA’s Q4 Net Income Falls to $279M, Revenues $1.98B; 2026 Capex Cut 10%
APA’s Q4 net income fell to $279 million from $354 million a year earlier as revenues declined to $1.98 billion from $2.50 billion. Production averaged 460,000 BOE/day (387,000 adjusted) with U.S. oil at 132,000 bpd, and 2026 capex will total $2.1 billion (10% cut) targeting 371,000 BOE/day.
1. Q4 Earnings Decline
APA reported fourth-quarter net income attributable to common stock of $279 million, or $0.79 per diluted share, down from $354 million, or $0.96 per share, a year ago. Total revenues and other income fell to $1.98 billion from $2.50 billion year-over-year.
2. Production Performance
Reported production in Q4 averaged 460,000 BOE per day. Adjusted production, excluding Egypt noncontrolling interest and tax barrels, was 387,000 BOE per day, with U.S. oil output averaging 132,000 barrels per day.
3. 2026 Capital Guidance
For 2026, APA plans $2.1 billion in upstream capital spending, a 10% reduction versus 2025. The company targets total adjusted production of 371,000 BOE per day for the year.