APA · 10-Q · 2026Q2 · Full report
Revenue Performance and Mix
APA Corp · 2026-08-06 · Importance 54 · Surprise 40 · In source text
Second-quarter 2026 oil and gas production revenues increased to $2.0 billion from $1.7 billion, driven by a 50% increase in realized oil prices to $98.24 per barrel, partially offset by 10% lower oil sales volumes. Crude oil revenue rose $445 million to $1.8 billion, while natural gas revenue fell $143 million to $41 million because realized gas prices declined 74% amid negative Permian Basin pricing. NGL revenue increased $17 million to $170 million in the quarter as realized prices rose 24%, despite a 9% production decline. For the first six months, oil revenue increased $489 million to $3.5 billion, while natural gas and NGL revenue decreased $219 million and $48 million, respectively.
Key facts
- A 50 percent increase in average realized oil prices increased second-quarter 2026 oil revenues by $688 million compared to Q2 2025, while 10 percent lower average daily sales volumes decreased revenues by $243 million. source
- Crude oil revenues for the second quarter of 2026 totaled $1.8 billion, a $445 million increase from the comparative 2025 quarter. source
- Crude oil revenues for the first six months of 2026 totaled $3.5 billion, a $489 million increase from the comparative 2025 period. source
- Purchased oil and gas sales totaled $336 million and $460 million during the second quarters of 2026 and 2025, respectively, and $721 million and $1.1 billion during the first six months of 2026 and 2025, respectively. source
- Associated purchase costs for purchased volumes resulted in net proceeds totaling $122 million and $47 million for the second quarter and the first six months of 2026, respectively. source
- Oil, natural gas, and natural gas liquids production revenues for the quarter ended June 30: $2,037 million (current quarter) and $1,718 million (prior quarter). source
- Total revenues for the quarter ended June 30: $2,373 million (current quarter) and $2,178 million (prior quarter). source
- Other, net for the quarter ended June 30: $2,399 million (current quarter) and $2,612 million (prior quarter). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +14.3% | A 50 percent increase in average realized oil prices increased second-quarter 2026 oil revenues by $688 million compared to Q2 2025, while… |
| revenue | positive | realized | +10.2% | Crude oil revenues for the first six months of 2026 totaled $3.5 billion, a $489 million increase from the comparative 2025 period. |
| revenue | positive | realized | +9.2% | Crude oil revenues for the second quarter of 2026 totaled $1.8 billion, a $445 million increase from the comparative 2025 quarter. |
| revenue | negative | realized | -5.0% | A 50 percent increase in average realized oil prices increased second-quarter 2026 oil revenues by $688 million compared to Q2 2025, while… |