APA · 10-Q · 2026Q3 · Full report

Operational Efficiency and Cost Reduction

APA Corp · 2026-11-05 · Importance 36 · Surprise 40

APA attributed lower exploration and development activity in the first nine months of 2026 largely to efficiency gains on drilling and completion activities in the Permian Basin and Egypt. The company operated an average of approximately 17 drilling rigs, down from approximately 20 in the year-earlier period. These operational efficiencies accompanied a reduction in exploration and development cash expenditures from $2.2 billion to $1.8 billion.

Key facts

• The decrease in capital investment compared with the prior-year period was largely driven by efficiency gains on drilling and completion activities in the Permian Basin and Egypt. source
• APA holds approximately 750,000 MMBtu/d of firm capacity on various Permian Basin pipelines. source
• APA averaged 18 workover rigs in Egypt in the third quarter of 2026 while optimizing drilling and workover activity for capital efficiency. source