APA CorpAPA
APA Corp Segments Disclosure
BUSINESS SEGMENT INFORMATION
As of December 31, 2025, the Company’s consolidated subsidiaries are engaged in exploration, development and/or production activities across four operating segments: Egypt, North Sea, Suriname, and the U.S. The Company’s business explores for, develops, and produces crude oil, natural gas, and natural gas liquids. The Company also has exploration interests in Uruguay, Alaska, and other international locations that may, over time, result in reportable discoveries and development opportunities.
The Chief Operating Decision Maker (CODM) is a function (not necessarily an individual) that allocates the resources of the reporting entity and assesses the performance of its segments. Decisions to assess performance and allocate resources are made by the Company’s Chief Executive Officer (CEO), Mr. John J. Christmann, IV. Therefore, management has concluded that the CEO of the Company is the CODM. The information regularly reviewed by the CODM to assess performance and allocate resources is primarily associated with operating income from each segment and the resulting free cash flow, amongst other metrics. The Company concluded that the most comparable measure under U.S. GAAP is operating income.
Financial information for each segment is presented below:
| U.S. | Egypt(1) | North Sea | Intersegment Eliminations & Other(6) | Total(2) | ||||||||||||||||||||||||||||
| (In millions) | ||||||||||||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||||||||
| Oil revenues | $ | 3,010 | $ | 2,177 | $ | 622 | $ | — | $ | 5,809 | ||||||||||||||||||||||
| Natural gas revenues | 193 | 460 | 117 | — | 770 | |||||||||||||||||||||||||||
| Natural gas liquids revenues | 616 | — | 34 | — | 650 | |||||||||||||||||||||||||||
| Oil, natural gas, and natural gas liquids production revenues | 3,819 | 2,637 | 773 | — | 7,229 | |||||||||||||||||||||||||||
| Purchased oil and gas sales | 1,691 | — | — | — | 1,691 | |||||||||||||||||||||||||||
Realized gains on commodity derivative instruments | 31 | — | — | — | 31 | |||||||||||||||||||||||||||
| 5,541 | 2,637 | 773 | — | 8,951 | ||||||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
Lease operating expenses(5) | 724 | 447 | 333 | — | 1,504 | |||||||||||||||||||||||||||
Gathering, processing, and transmission(5) | 346 | 24 | 54 | — | 424 | |||||||||||||||||||||||||||
Purchased oil and gas costs(5) | 1,070 | — | — | — | 1,070 | |||||||||||||||||||||||||||
Taxes other than income(5) | 229 | — | — | — | 229 | |||||||||||||||||||||||||||
Exploration(4) | 9 | 101 | 1 | 20 | 131 | |||||||||||||||||||||||||||
Depreciation, depletion, and amortization(5) | 1,434 | 630 | 240 | — | 2,304 | |||||||||||||||||||||||||||
| Asset retirement obligation accretion | 41 | — | 117 | — | 158 | |||||||||||||||||||||||||||
| Impairments | 18 | 19 | 7 | — | 44 | |||||||||||||||||||||||||||
| 3,871 | 1,221 | 752 | 20 | 5,864 | ||||||||||||||||||||||||||||
| Operating Income (Loss) | $ | 1,670 | $ | 1,416 | $ | 21 | $ | (20) | 3,087 | |||||||||||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||||||||||||||
| Gain on divestitures, net | 301 | |||||||||||||||||||||||||||||||
Gains on previously sold Gulf of America properties | 60 | |||||||||||||||||||||||||||||||
Realized losses on contingent consideration arrangements | (7) | |||||||||||||||||||||||||||||||
Unrealized losses on commodity derivative instruments | (77) | |||||||||||||||||||||||||||||||
Other | (8) | |||||||||||||||||||||||||||||||
| General and administrative | (350) | |||||||||||||||||||||||||||||||
| Transaction, reorganization, and separation | (102) | |||||||||||||||||||||||||||||||
| Financing costs, net | (113) | |||||||||||||||||||||||||||||||
| Income Before Income Taxes | $ | 2,791 | ||||||||||||||||||||||||||||||
Total Assets(3) | $ | 12,568 | $ | 3,055 | $ | 1,216 | $ | 922 | $ | 17,761 | ||||||||||||||||||||||
| Net Property and Equipment | $ | 9,019 | $ | 2,306 | $ | 570 | $ | 853 | $ | 12,748 | ||||||||||||||||||||||
| Additions to Net Property and Equipment | $ | 1,614 | $ | 747 | $ | 13 | $ | 299 | $ | 2,673 | ||||||||||||||||||||||
| U.S. | Egypt(1) | North Sea | Intersegment Eliminations & Other(6) | Total(2) | ||||||||||||||||||||||||||||
| (In millions) | ||||||||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||
| Oil revenues | $ | 3,572 | $ | 2,620 | $ | 774 | $ | — | $ | 6,966 | ||||||||||||||||||||||
| Natural gas revenues | 126 | 313 | 145 | — | 584 | |||||||||||||||||||||||||||
| Natural gas liquids revenues | 617 | — | 29 | — | 646 | |||||||||||||||||||||||||||
| Oil, natural gas, and natural gas liquids production revenues | 4,315 | 2,933 | 948 | — | 8,196 | |||||||||||||||||||||||||||
| Purchased oil and gas sales | 1,541 | — | — | — | 1,541 | |||||||||||||||||||||||||||
Realized gains on commodity derivative instruments | 2 | — | — | — | 2 | |||||||||||||||||||||||||||
| 5,858 | 2,933 | 948 | — | 9,739 | ||||||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
Lease operating expenses(5) | 820 | 464 | 406 | — | 1,690 | |||||||||||||||||||||||||||
Gathering, processing, and transmission(5) | 354 | 25 | 53 | — | 432 | |||||||||||||||||||||||||||
Purchased oil and gas costs(5) | 1,047 | — | — | — | 1,047 | |||||||||||||||||||||||||||
Taxes other than income(5) | 270 | — | — | — | 270 | |||||||||||||||||||||||||||
Exploration(4) | 134 | 112 | 1 | 66 | 313 | |||||||||||||||||||||||||||
Depreciation, depletion, and amortization(5) | 1,340 | 625 | 301 | — | 2,266 | |||||||||||||||||||||||||||
| Asset retirement obligation accretion | 42 | — | 106 | — | 148 | |||||||||||||||||||||||||||
| Impairments | 320 | — | 809 | — | 1,129 | |||||||||||||||||||||||||||
| 4,327 | 1,226 | 1,676 | 66 | 7,295 | ||||||||||||||||||||||||||||
| Operating Income (Loss) | $ | 1,531 | $ | 1,707 | $ | (728) | $ | (66) | 2,444 | |||||||||||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||||||||||||||
| Gain on divestitures, net | 289 | |||||||||||||||||||||||||||||||
Losses on previously sold Gulf of America properties | (273) | |||||||||||||||||||||||||||||||
Realized losses on contingent consideration arrangements | (4) | |||||||||||||||||||||||||||||||
Unrealized losses on commodity derivative instruments | (8) | |||||||||||||||||||||||||||||||
| Other | (6) | |||||||||||||||||||||||||||||||
| General and administrative | (372) | |||||||||||||||||||||||||||||||
| Transaction, reorganization, and separation | (168) | |||||||||||||||||||||||||||||||
| Financing costs, net | (367) | |||||||||||||||||||||||||||||||
| Income Before Income Taxes | $ | 1,535 | ||||||||||||||||||||||||||||||
Total Assets(3) | $ | 13,870 | $ | 3,606 | $ | 1,324 | $ | 590 | $ | 19,390 | ||||||||||||||||||||||
| Net Property and Equipment | $ | 9,109 | $ | 2,271 | $ | 712 | $ | 554 | $ | 12,646 | ||||||||||||||||||||||
| Additions to Net Property and Equipment | $ | 6,609 | $ | 765 | $ | 41 | $ | 84 | $ | 7,499 | ||||||||||||||||||||||
| U.S. | Egypt(1) | North Sea | Intersegment Eliminations & Other(6) | Total(2) | ||||||||||||||||||||||||||||
| (In millions) | ||||||||||||||||||||||||||||||||
| 2023 | ||||||||||||||||||||||||||||||||
| Oil revenues | $ | 2,241 | $ | 2,683 | $ | 1,073 | $ | — | $ | 5,997 | ||||||||||||||||||||||
| Natural gas revenues | 297 | 346 | 237 | — | 880 | |||||||||||||||||||||||||||
| Natural gas liquids revenues | 480 | — | 28 | — | 508 | |||||||||||||||||||||||||||
| Oil, natural gas, and natural gas liquids production revenues | 3,018 | 3,029 | 1,338 | — | 7,385 | |||||||||||||||||||||||||||
| Purchased oil and gas sales | 894 | — | — | — | 894 | |||||||||||||||||||||||||||
Realized gains on commodity derivative instruments | 48 | — | — | — | 48 | |||||||||||||||||||||||||||
| 3,960 | 3,029 | 1,338 | — | 8,327 | ||||||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||
Lease operating expenses(5) | 593 | 474 | 369 | — | 1,436 | |||||||||||||||||||||||||||
Gathering, processing, and transmission(5) | 249 | 33 | 52 | — | 334 | |||||||||||||||||||||||||||
Purchased oil and gas costs(5) | 742 | — | — | — | 742 | |||||||||||||||||||||||||||
Taxes other than income(5) | 207 | — | — | — | 207 | |||||||||||||||||||||||||||
Exploration(4) | 14 | 119 | 19 | 43 | 195 | |||||||||||||||||||||||||||
Depreciation, depletion, and amortization(5) | 745 | 524 | 271 | — | 1,540 | |||||||||||||||||||||||||||
| Asset retirement obligation accretion | 40 | — | 76 | — | 116 | |||||||||||||||||||||||||||
| Impairments | 11 | — | 50 | — | 61 | |||||||||||||||||||||||||||
| 2,601 | 1,150 | 837 | 43 | 4,631 | ||||||||||||||||||||||||||||
| Operating Income (Loss) | $ | 1,359 | $ | 1,879 | $ | 501 | $ | (43) | 3,696 | |||||||||||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||||||||||||||
| Gain on divestitures, net | 8 | |||||||||||||||||||||||||||||||
Losses on previously sold Gulf of America properties | (212) | |||||||||||||||||||||||||||||||
Unrealized gains on commodity derivative instruments | 51 | |||||||||||||||||||||||||||||||
| Other | 18 | |||||||||||||||||||||||||||||||
| General and administrative | (351) | |||||||||||||||||||||||||||||||
| Transaction, reorganization, and separation | (15) | |||||||||||||||||||||||||||||||
| Financing costs, net | (312) | |||||||||||||||||||||||||||||||
Income Before Income Taxes | $ | 2,883 | ||||||||||||||||||||||||||||||
Total Assets(3) | $ | 9,221 | $ | 3,503 | $ | 1,970 | $ | 550 | $ | 15,244 | ||||||||||||||||||||||
| Net Property and Equipment | $ | 5,689 | $ | 2,209 | $ | 1,628 | $ | 512 | $ | 10,038 | ||||||||||||||||||||||
| Additions to Net Property and Equipment | $ | 1,255 | $ | 834 | $ | 131 | $ | 93 | $ | 2,313 | ||||||||||||||||||||||
(1)Includes oil and gas production revenue that will be paid as taxes by EGPC on behalf of the Company for the years ended December 31, 2025, 2024, and 2023 of:
| For the Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (In millions) | ||||||||||||||||||||
| Oil | $ | 536 | $ | 686 | $ | 729 | ||||||||||||||
| Natural gas | 114 | 83 | 95 | |||||||||||||||||
(2)Includes a noncontrolling interest in Egypt for all periods presented.
(3)Intercompany balances are excluded from total assets.
(4)Exploration expense under Intersegment Eliminations & Other primarily reflects the Company’s Suriname exploration activities.
(5)Represents significant segment expense categories that align with the segment-level information that is regularly provided to the CODM. The remaining expenses that comprise the Other Income (Loss) amount by segment are deemed to be other segment expense categories necessary to arrive at the segment profit or loss.
(6)Includes Suriname operating expenses as the operating segment has not met the quantitative thresholds to be separately reported.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 22, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.