APA · 10-Q · 2026Q2 · Full report

Geographic Market Commentary

APA Corp · 2026-08-06 · Importance 48 · Surprise 40

The U.S. remained APA’s largest operating area, contributing 64% of worldwide production in the second quarter, although output declined because of asset sales, natural decline, and gas-market curtailments. Egypt gross production increased 2% year over year, but net production declined 13% because higher price realizations reduced cost-recovery volumes under the merged concession agreement. Egypt’s gas-focused activity is expected to continue performing strongly, with realized gas prices increasing through the remainder of 2026. North Sea production declined 30% because of natural decline, operational downtime, and timing of liftings, while Suriname exploration costs remained included in the Other segment.