APA · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
APA Corp · 2026-11-05 · Importance 76 · Surprise 56 · No source text
At September 30, 2026, APA reported $3.295 billion of total debt, down from $4.493 billion at December 31, 2025, and cash and cash equivalents of $75 million. The company repaid $1.2 billion of debt in cash during the first nine months of 2026 and had $3.990 billion of available committed borrowing capacity; its USD and GBP syndicated facilities had no borrowings or letters of credit outstanding. During 2026, APA and Apache also repaid or redeemed multiple notes, including $357 million of registered 4.250% notes due 2030, $425 million of notes due 2027 and 2028, and $132 million of notes due 2026. APA and Apache repurchased and canceled $94 million of indenture debt principal for $91 million in cash during the quarter and nine months ended September 30, 2026, recognizing a $5 million gain.
Key facts
- APA’s long-term debt was $3,292 million as of September 30, 2026, compared with $4,280 million as of December 31, 2025. source
- APA notes and debentures had a carrying value of $2,756 million before unamortized discount and debt issuance costs as of September 30, 2026, compared with $3,579 million as of December 31, 2025. source
- On January 15, 2025, APA entered into an unsecured five-year USD revolving credit facility with aggregate commitments of $2.0 billion, including a letter-of-credit subfacility of up to $750 million, of which $250 million was then committed. source
- APA may increase the USD credit facility commitments to an aggregate $2.5 billion by adding lenders or obtaining consent from increasing existing lenders. source
- On January 15, 2025, APA entered into an unsecured five-year GBP revolving credit facility with commitments of £1.5 billion; it matures in January 2030 and has two one-year extension options. source
- APA repaid $1.2 billion of total debt in cash during the first nine months of 2026, comprising outstanding principal amounts and make-whole premiums. source
- APA’s USD revolving credit facility has aggregate commitments of $2.0 billion and matures in January 2030, subject to two one-year extension options. source
- APA’s GBP revolving credit facility has aggregate commitments of £1.5 billion and matures in January 2030, subject to two one-year extension options. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -6.7% | APA repaid $1.2 billion of total debt in cash during the first nine months of 2026, comprising outstanding principal amounts and… |
| liability | positive | realized | +6.7% | APA repaid $1.2 billion of total debt in cash during the first nine months of 2026, comprising outstanding principal amounts and… |
| liability | positive | realized | +5.5% | APA’s long-term debt was $3,292 million as of September 30, 2026, compared with $4,280 million as of December 31, 2025. |
| cash | negative | realized | -0.6% | APA reported operating cash flow of $3,636 million for the first nine months of 2026, compared with $3,737 million in 2025. |