At a glance
APA Corporation is worth $17.10B, about 12 times its fiscal 2025 earnings. It pays a 2.05% dividend yield, and returned $1.28B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +121.7% over the past year with dividends reinvested and +15.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 84.9% in the 2020 crash (S&P 500: 33.7%) and 40.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 19 months and 49 months after the lows.
The business in plain English
APA Corp is an independent oil and gas producer. It finds and pumps oil and gas, but it does not run refineries or gas stations. Its subsidiaries, including Apache, produce crude oil, natural gas and natural gas liquids (NGLs, such as propane and butane). Most of APA's U.S. oil goes to major oil companies, refiners and marketers. The price is tied to West Texas Intermediate (WTI), a key U.S. oil benchmark. Its gas goes to utilities, pipeline companies, marketers and other buyers.
In 2025 the U.S. supplied about 62% of APA's production and 53% of its oil and gas revenues. It also held 74% of year-end proved reserves, meaning oil and gas the company is reasonably certain it can recover. Most U.S. output comes from the Permian Basin in West Texas. Egypt's Western Desert supplied 31% of production. That falls to 23% after removing a one-third stake held by a minority owner. Fields in the U.K. North Sea added 7%. An oil project offshore Suriname holds 7% of proved reserves and is aiming for first production in 2028.
On April 1, 2024, APA bought Callon Petroleum in a deal paid in APA shares. It was valued at about $4.5 billion including debt and added Permian land. APA then sold assets outside its main focus, including a full exit from New Mexico, mostly to pay down debt. The drawback: profits rise and fall with oil and gas prices that APA cannot control.
Price history
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APA +121.7% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was —, and net income was $747.0M (+23.9%).
- For fiscal 2025, revenue was — (— year over year) with a null% net margin.
Financial health check
| Return on equity (FY2025) | 23.5% good |
|---|---|
| Return on assets (FY2025) | 8.1% good |
| Net cash (cash minus debt) | $-3.30B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | — | $-4.86B | — |
| FY2021 | — | $973.0M | — |
| FY2022 | — | $3.67B | — |
| FY2023 | — | $2.85B | — |
| FY2024 | — | $804.0M | — |
| FY2025 | — | $1.43B | — |
Valuation snapshot
| Market value | $17.10B |
|---|---|
| P/E ratio | 12.2 |
| Dividend yield | 2.05% |
Rank among 1514 US companies
Market value at each year end
APA’s market value went from $9.77B at the end of 2021 to $17.10B on Nov 2, 2026, up 75%; since the end of 2025 it is up 97%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $17.10B | +97.2% |
| 2025 | $8.68B | +1.6% |
| 2024 | $8.54B | -22.4% |
| 2023 | $11.01B | -26.7% |
| 2022 | $15.01B | +53.6% |
| 2021 | $9.77B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| APA price data to Nov 2, 2026 | +105.3% | +121.7% | +11.2% | +15.9% | +0.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +105.3% |
| 2025 | +11.4% |
| 2024 | -33.4% |
| 2023 | -21.2% |
| 2022 | +76.6% |
| 2021 | +90.9% |
| 2020 | -43.6% |
| 2019 | +1.1% |
| 2018 | -36.4% |
| 2017 | -32.1% |
| 2016 | +45.6% |
| 2015 | -27.7% |
| 2014 | -26.3% |
| 2013 | +10.5% |
| 2012 | -12.7% |
| 2011 | -23.6% |
| 2010 | +16.3% |
| 2009 | +39.5% |
| 2008 | -30.2% |
| 2007 | +62.9% |
| 2006 | -2.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 43.7% over that stretch · deepest drop along the way 64.8%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 84.9% over that stretch · deepest drop along the way 84.9%, back to its old high 19.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 46.8% over that stretch · deepest drop along the way 40.1%, back to its old high 48.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($392K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 20, 2026 | Mark D Maddox Executive VP - Administration | sell | $392K |
Who owns it
Large shareholders (13G filings)
| Hotchkis and Wiley Capital Management, LLC | 8.97% | Jun 30, 2026 |
| BlackRock, Inc. | 8.3% | Mar 31, 2026 |
| Vanguard Capital Management | 7.36% | Mar 31, 2026 |
| HARRIS ASSOCIATES L P | 3.3% | Dec 31, 2025 |
ETFs with the most weight in APA
| OILT Texas Capital Texas Oil Index ETF | 4.59% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 3.83% |
| FCG First Trust Natural Gas ETF | 3.08% |
| FXN First Trust Energy AlphaDEX Fund | 3.03% |
| ERNZ TrueShares Active Yield ETF | 2.48% |
| IEO iShares U.S. Oil & Gas Exploration & Production ETF | 1.13% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 1.06% |
| SPYD SPDR Portfolio S&P 500 High Dividend ETF | 0.99% |
What could go wrong
- Heavy dependence on Egypt. Egypt supplied 31% of APA's 2025 production, which makes it the company's second-largest region. If Egypt's economy or politics get worse, output and cash flow from these operations could fall.
- Suriname project could slip or cost more. APA is developing an oil field off Suriname and aims for first production in 2028. Projects in frontier areas carry extra execution and regulatory risk. Delays or cost overruns could push back the expected payoff.
- Cleanup bills for fields it already sold. If buyers of fields APA has sold run into financial trouble or go bankrupt, APA could be stuck paying to plug old wells and remove equipment at those sites.
- Oil and gas price swings. Results track oil and gas prices. In 2025, U.S. oil futures ranged from $55.44 to $80.73 a barrel. Long stretches of low prices could force spending cuts and write-downs and squeeze dividends and buybacks.
- Must keep replacing what it pumps. Output from wells falls over time, so APA must keep drilling, discovering or buying reserves just to hold production steady. Reserve figures are estimates, and the amounts actually recovered could differ significantly.
- Debt and credit rating pressure. APA had $3.7 billion of debt and $444 million of cash as of June 30, 2026. A credit-rating downgrade could raise borrowing costs and make development projects harder to fund.
Recent events
- Quarterly results released
- Quarterly results released
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- Executive or board change; Shareholder vote results
- Quarterly results released
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- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
APA pays a modest dividend. Dividends per share rose from $0.10 in 2020 to $1.00 in 2023 and stayed there through 2025, so there is no streak of increases. The $1.00 was about 25% of 2025 earnings of $3.99 a share, and the yield was 1.96% as of October 28, 2026. Earnings swing with oil and gas prices, from $11.02 a share in 2022 to $2.27 in 2024. The share count fell 3.6% from October 2021 to July 2026, and APA names buybacks as one use of excess cash.
The stock has fallen hard in downturns. It dropped 64.8% in the 2008 financial crisis and had not regained that peak as of October 28, 2026. It lost 84.9% in the 2020 COVID crash and took about 19 months to recover. It rose 46.8% during the 2022 bear market, but a separate 40.1% slide in mid-2022 took about 49 months to recoup. A single stock carries more risk than a diversified fund.
Questions investors ask
How does APA Corp make money?
APA makes money by selling the crude oil, natural gas and natural gas liquids its subsidiaries produce. It explores for and develops oil and gas fields. It then sells what it produces at market prices to refiners, major oil companies, utilities and marketers. Revenue rises and falls with how much it produces and with commodity prices. In 2025 the U.S., mainly the Permian Basin in West Texas, supplied about 62% of production and 53% of oil and gas revenues. Egypt supplied 31% of production and the U.K. North Sea 7%.
Does APA Corp raise its dividend every year?
No. APA pays a regular dividend, but it has not raised it every year. It paid $1.00 per share in each fiscal year from 2023 through 2025. That was up from $0.10 in 2020, a year of heavy losses. The 2025 dividend used about 25% of earnings. The dividend yield was 1.94% as of October 29, 2026. APA's cash flow follows oil and gas prices, and its annual report says its ability to pay dividends is subject to limits.
How much of APA's business is in Egypt?
A large share. In 2025 Egypt's Western Desert supplied 31% of APA's production. It also held 17% of year-end proved reserves. After removing a one-third stake owned by a minority partner, Egypt's share was 23% of production and 12% of reserves. APA's annual report lists worsening conditions in Egypt as a risk factor. It also lists currency swings and political risk abroad. Owning APA brings more international risk than owning a U.S.-only producer.
Is APA stock volatile?
Yes. Based on share price, APA rose about 135% in the year to October 29, 2026. Over ten years it gained only about 10% in total, or roughly 0.9% a year. In the 2020 COVID crash, the shares fell about 85% and took about 19 months to recover. They lost 33% in 2024 and gained 11% in 2025. As of October 29, 2026, they had not regained their May 2008 peak.
How much debt does APA Corp have?
As of June 30, 2026, APA had about $3.74 billion of debt and $444 million of cash. That left net debt of roughly $3.3 billion. Shareholders' equity was about $7.02 billion. Callon's debt was part of the April 1, 2024 deal. Since then APA has sold assets to cut borrowing: about $1.6 billion of sales in 2024 and $571 million in 2025. Its annual report warns that a lower credit rating could raise its borrowing costs.