APA · 10-Q · 2026Q3 · Full report
Capital Expenditure Program
APA Corp · 2026-11-05 · Importance 60 · Surprise 24 · No source text
APA anticipated approximately $2.1 billion of upstream capital investment for calendar 2026. It incurred $1.9 billion of oil and gas exploration, development, and property acquisition costs in the first nine months, including $1.755 billion of additions to upstream oil and gas property. The company said remaining-2026 spending would fund activity needed to offset natural declines in production and proved reserves, subject to commodity prices and the economic success of drilling.
Key facts
- APA’s oil and gas property additions were $1,755 million in the first nine months of 2026, compared with $2,156 million in the first nine months of 2025. source
- APA expects approximately $2.1 billion of upstream capital investment for calendar 2026. source
- APA committed to a drilling program on the additional two million net exploration acres awarded in Egypt in the third quarter of 2025. source
- APA incurred $1.9 billion in oil and gas exploration, development, and property acquisition costs in the first nine months of 2026. source
- APA’s first-nine-month 2026 upstream oil and gas property additions were $1,755 million, compared with $2,156 million in 2025. source
- Exploration and development cash expenditures were $1.8 billion in the first nine months of 2026 and $2.2 billion in the first nine months of 2025. source
- APA reported capitalized exploratory well costs of $ million as of September 30, 2026 and $ million as of December 31, 2025; the increase was primarily attributable to additional drilling activity, partly offset by successful transfer of well costs and wells charged to dry hole expense in Egypt. source
- APA operated an average of approximately 17 drilling rigs in the first nine months of 2026, compared with approximately 20 in the first nine months of 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | committed | -10.0% | APA expects approximately $2.1 billion of upstream capital investment for calendar 2026. |
| cash | positive | realized | +2.2% | APA’s oil and gas property additions were $1,755 million in the first nine months of 2026, compared with $2,156 million in the first nine… |
| assets | negative | realized | -2.2% | APA’s first-nine-month 2026 upstream oil and gas property additions were $1,755 million, compared with $2,156 million in 2025. |
| cash | negative | committed | — | APA committed to a drilling program on the additional two million net exploration acres awarded in Egypt in the third quarter of 2025. |