Short answer
APA Corporation (APA) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026.
- Top risk flagged: UK Energy Profits Levy raised to 38% (from 35%), extended to March 2030, forcing APA to exit North Sea before 2030 after $796M in 2024 impairments
FY2025 key financial metrics · XBRL
- Net income
- $1.4B
- +78.4% YoY
- EPS (diluted)
- $3.99
- +75.8% YoY
- ROE
- 23.5%
- +8.3 pp YoY
- Operating cash flow
- $4.5B
- +25.6% YoY
Source: XBRL data from the APA Corporation (APA) FY2025 10-K on SEC EDGAR. USD.
APA Corporation FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Section 'business' was empty or not found.
Management Discussion & Analysis
- Oil & gas revenue $7.2B in 2025 vs $8.2B in 2024, down ~$967M; crude oil revenue fell $1.2B on 14% lower realized prices ($66.92/bbl vs $78.08/bbl)
- Net income $1.4B ($3.99/diluted share) vs $804M ($2.27) in 2024; improvement driven by $1.1B fewer impairments ($44M vs $1.1B) and lower LOE ($1.5B vs $1.7B)
- U.S. best segment: $3.8B oil & gas revenue, 62% of worldwide production, +2% BOE/d YoY; North Sea worst: declining volumes (-10% BOE/d), previously impaired $796M in 2024
- Operating cash flow $4.5B (+$925M, +26% YoY); capex $2.7B; debt reduced ~$1.6B to $4.5B; buybacks $280M (12.9M shares); dividends $360M
- 2026 upstream capex ~$2.1B; targeting $450M annualized savings by end-2026; key risks: oil price decline, GOA decommissioning liability $0.9B–$1.2B, commodity volatility
Risk Factors
- UK Energy Profits Levy raised to 38% (from 35%), extended to March 2030, forcing APA to exit North Sea before 2030 after $796M in 2024 impairments
- Egypt exposure material: ~38% of 2025 production outside US, EGPC payment delays risk recurring amid foreign currency shortages
- North Sea decommissioning costs rising amid OPRED draft guidance favoring full seabed clearance; final rules pending after Nov 2025 consultation
- Section 382 ownership change risk: >50-point equity shift could limit substantial NOL carryforwards available to offset future taxable income
- Uruguay/Suriname frontier exploration blocked by pending litigation; injunctive relief denied but appeals ongoing, threatening long-cycle capital investments
Generated from the filing text; verify against the original. How to read a 10-K
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