APA · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
APA Corp · 2026-08-06 · Importance 74 · Surprise 58 · No source text
APA and Apache had $3.7 billion of total debt outstanding at June 30, 2026, down from $4.5 billion at December 31, 2025, a reduction of approximately $750 million. Cash and cash equivalents totaled $444 million at June 30, 2026, while available committed borrowing capacity under syndicated credit facilities was $3.989 billion. During 2026, the companies redeemed or repaid $754 million of debt principal, including $118 million of 4.250% Notes due 2030, $132 million of 7.95% Notes due 2026, $425 million of 2027 and 2028 notes, and $79 million of 7.70% Notes due 2026. No borrowings or letters of credit were outstanding under the USD or GBP committed revolving facilities at June 30, 2026.
Key facts
- On January 15, 2025, the Company entered into a USD unsecured five-year revolving credit facility with aggregate commitments of US$2.0 billion and a letter of credit subfacility of up to US$750 million, of which US$250 million currently is committed, and APA may increase commitments up to an aggregate US$2.5 billion. source
- Sources of cash and cash equivalents for the six months ended June 30, 2026: net cash provided by operating activities $2,260 million; total sources $2,260 million (compared to total sources $3,694 million in 2025). source
- On January 15, 2025, the Company entered into a GBP unsecured five-year revolving credit facility with aggregate commitments of £1.5 billion that matures in January 2030, subject to two, one-year extension options. source
- The Company’s commercial paper program allows issuance up to a maximum aggregate face amount of $2.0 billion outstanding at any time. source
- The CP Notes outstanding are supported by available borrowing capacity under the Company’s committed revolving credit facilities, which as of June 30, 2026, included the $2.0 billion USD Agreement. source
- On January 15, 2025, the Company entered into two unsecured syndicated five-year revolving credit facilities: a USD Agreement with aggregate commitments of US$2.0 billion (with an increase option to US$2.5 billion) maturing January 2030 and a GBP Agreement with aggregate commitments of £1.5 billion maturing January 2030; both facilities are subject to two one-year extension options. source
- On June 29, 2026, APA fully redeemed its privately placed 4.250% Notes due 2030, and Apache fully redeemed its 4.250% Notes due 2030; noteholders were paid an aggregate $ (amount redacted) million in cash comprising outstanding principal plus accrued and unpaid interest to the redemption date. source
- On April 15, 2026, APA and Apache repaid in cash on maturity the outstanding $ (amount redacted) million aggregate principal amount of their respective 7.95% Notes due 2026, plus accrued and unpaid interest to the maturity date. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +12.6% | Sources of cash and cash equivalents for the six months ended June 30, 2026: net cash provided by operating activities $2,260 million;… |
| assets | positive | realized | +5.2% | As of June 30, 2026, total equity was $7,944 million. |
| liability | positive | realized | +4.2% | As of June 30, 2026, the Company had $3.7 billion in total debt outstanding, consisting of notes and debentures of APA and Apache and… |
| cash | negative | realized | -2.4% | On April 6, 2026, APA and Apache fully redeemed their respective 4.875% Notes due 2027 and 4.375% Notes due 2028 and paid noteholders an… |
| liability | positive | realized | +2.4% | On April 6, 2026, APA and Apache fully redeemed their respective 4.875% Notes due 2027 and 4.375% Notes due 2028 and paid noteholders an… |
| cash | negative | realized | -0.1% | Net cash provided by operating activities during the first six months of 2026 totaled $2,260 million, $17 million lower than the first six… |
| cash | negative | realized | — | On June 29, 2026, APA fully redeemed its privately placed 4.250% Notes due 2030, and Apache fully redeemed its 4.250% Notes due 2030;… |
| liability | positive | realized | — | On June 29, 2026, APA fully redeemed its privately placed 4.250% Notes due 2030, and Apache fully redeemed its 4.250% Notes due 2030;… |
| cash | negative | realized | — | On April 15, 2026, APA and Apache repaid in cash on maturity the outstanding $ (amount redacted) million aggregate principal amount of… |
| liability | positive | realized | — | On April 15, 2026, APA and Apache repaid in cash on maturity the outstanding $ (amount redacted) million aggregate principal amount of… |
| cash | negative | realized | — | On April 6, 2026, APA and Apache fully redeemed their respective 4.875% Notes due 2027 and 4.375% Notes due 2028; noteholders were paid an… |
| liability | positive | realized | — | On April 6, 2026, APA and Apache fully redeemed their respective 4.875% Notes due 2027 and 4.375% Notes due 2028; noteholders were paid an… |