Analyst Consensus ?
ConsensusHold51 ratings
Bullish2039.2%
Neutral2651.0%
Bearish59.8%
APA Corporation · APA · FY2026 Q1 · Calendar Q2 2026
APA Q1 2026 Earnings: Beat on EPS and Revenue, Raised Oil Guidance
APA delivered a decisive Q1 2026 beat — EPS of $1.38 vs. $1.11 consensus (24.3% surprise) and revenue of $2.215B vs. $2.134B estimate (3.8% surprise). Management raised full-year oil production guidance to 122,000 bpd, highlighted $477M in free cash flow, and outlined progress toward a $3B net-debt target. Gas trading is projected to generate $1.1B in pretax cash flow in 2026. Despite these beats, the stock saw a -5.1% abnormal return on the report. The sell-off may reflect concerns about Egypt volume guidance adjustments and increased decommissioning costs outweighing the headline beat.
Reported After market closeNASDAQEnergy
$12.84B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.38
Consensus $1.11
EPS surprise
+24.3%
Reported versus consensus
Reported revenue
$2.21B
Consensus $2.13B
Revenue surprise
+3.8%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-5.4%
Event window
SPY move
-0.3%
Same window
Abnormal move
-5.1%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
+0.9%
Up to 20 sessions
APASPY benchmark
Ask FN2 about APA FY2026 Q1
Transcript, numbers and history already loaded
Why did APA fall 5.4% after beating EPS estimates in FY2026 Q1?What changed in APA's guidance and outlook in FY2026 Q1?Give me the bull and bear case for APA after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
APA raised full-year oil production guidance to 122,000 bpd while maintaining upstream capital spend at $2.1B. Egypt volume guidance was lowered due to PSC cost-recovery impacts. The company repaid $634M of near-term bond maturities in Q1. Gas trading pipeline book expanded to a projected $1.1B pretax cash flow for 2026, driven by GCX, Blackcomb, and Hidalgo pipelines. Suriname Grand Morgue remains on schedule for first oil in mid-2028, and Alaska exploration is resuming with a two-well program after seismic reprocessing.
Guidance delta
Full-year oil production guidance raised to 122,000 bpd. Upstream capital spend maintained at $2.1B. Egypt adjusted volume guidance lowered due to PSC cost-recovery impacts. Gas trading expected to generate $1.1B pretax cash flow in 2026. Cost-reduction program targeting $450M in cumulative run-rate savings by 2026 remains on track. Overall guidance sentiment is raised.
Key takeaways
- Free cash flow of $477M with progress toward a $3B net-debt target.
- Full-year oil production guidance raised to 122,000 bpd; Egypt volume guidance lowered due to PSC cost-recovery impacts.
- Cost-reduction program on track, targeting $450M in cumulative run-rate savings by 2026.
- Gas trading expected to generate $1.1B pretax cash flow in 2026.
- Suriname Grand Morgue on schedule for first oil in mid-2028; Alaska exploration resuming with a two-well program.
Management priorities
- Maintain disciplined upstream capital spend of $2.1B for the year.
- Continue debt reduction to achieve the $3B net-debt target.
- Execute share repurchases and dividend payments as free cash flow permits.
- Advance Suriname Grand Morgue development toward first oil in 2028.
- Resume Alaska drilling with a two-well program after seismic reprocessing.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$51.51Current
$20Low
$38.92Average
$62High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Susquehanna | Positive | Positive | Maintain | Oct 20, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 15, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Oct 15, 2026 |
| Mizuho | Underperform | Underperform | Maintain | Oct 15, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 14, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 12, 2026 |
| Truist Securities | Hold | Hold | Maintain | Oct 12, 2026 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Oct 9, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Sep 2, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 20, 2026 |
| Argus Research | Buy | Hold | Upgrade | Aug 19, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Aug 17, 2026 |
| Benchmark | Buy | Buy | Maintain | Aug 12, 2026 |
| Roth Capital | Buy | Neutral | Upgrade | Jun 22, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | May 11, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Apr 22, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Mar 12, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Mar 11, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Feb 26, 2026 |
| Johnson Rice | Accumulate | Hold | Upgrade | Dec 5, 2025 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 11, 2025 |
| Roth MKM | Buy | Buy | Maintain | Apr 2, 2024 |
| Jefferies | Hold | Hold | Maintain | Aug 28, 2023 |
| B of A Securities | Buy | Buy | Maintain | May 4, 2023 |
| MKM Partners | Buy | Buy | Maintain | Aug 26, 2022 |
| Keybanc | Overweight | Overweight | Maintain | Apr 8, 2022 |
| Credit Suisse | Neutral | Neutral | Maintain | Feb 25, 2021 |
| Stifel | Buy | Hold | Upgrade | Jul 30, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Jun 19, 2020 |
| CFRA | Hold | Hold | Maintain | Apr 3, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Feb 27, 2020 |
| Bank of America | Buy | Neutral | Upgrade | Jan 7, 2020 |
| Mitsubishi UFJ | Neutral | Overweight | Downgrade | Oct 8, 2019 |
| BMO Capital | Market Perform | Market Perform | Maintain | Apr 5, 2019 |
| Seaport Global | Buy | Neutral | Upgrade | Dec 10, 2018 |
| Argus | Buy | Hold | Upgrade | Jun 11, 2018 |
| Macquarie | Underperform | Neutral | Downgrade | Feb 3, 2017 |
| Alembic Global | Overweight | Neutral | Upgrade | Oct 18, 2016 |
| Wolfe Research | Peer Perform | Underperform | Upgrade | Sep 12, 2016 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Sep 12, 2016 |
| Deutsche Bank | Hold | Hold | Maintain | Sep 8, 2016 |
| iBERIA Capital Partners | Sector Perform | Sector Perform | Maintain | May 26, 2016 |
| Scotia Howard Weil | Outperform | Sector Perform | Upgrade | May 16, 2016 |
| Capital One Financial | Equal Weight | Overweight | Downgrade | Mar 23, 2016 |
| Nomura | Reduce | Reduce | Maintain | Jan 21, 2016 |
| Imperial Capital | Outperform | Outperform | Maintain | Dec 9, 2014 |
| Oppenheimer | Outperform | Outperform | Maintain | Nov 25, 2014 |
| ISI Group | Neutral | Buy | Downgrade | Oct 21, 2013 |
| Guggenheim | Neutral | Buy | Downgrade | Aug 27, 2013 |
| Global Hunter Securities | Neutral | Buy | Downgrade | Feb 19, 2013 |
| Baird | Neutral | Outperform | Downgrade | Dec 10, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $51.51. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Susquehanna | Charles Minervino | $58 | $49.76 | +12.6% | Oct 20, 2026 |
| Mizuho Securities | William Janela | $44 | $47.37 | -14.6% | Oct 15, 2026 |
| Scotiabank | Analyst unavailable | $44 | $47.37 | -14.6% | Oct 14, 2026 |
| Wells Fargo | Analyst unavailable | $51 | $48.01 | -1.0% | Oct 14, 2026 |
| UBS | Analyst unavailable | $52 | $46.7 | +1.0% | Oct 12, 2026 |
| Truist Financial | Gabe Daoud | $45 | $45.88 | -12.6% | Oct 12, 2026 |
| Jefferies | Analyst unavailable | $41 | $45.88 | -20.4% | Oct 11, 2026 |
| Truist Financial | Analyst unavailable | $44 | $44.87 | -14.6% | Sep 21, 2026 |
| UBS | Analyst unavailable | $47 | $44.73 | -8.8% | Sep 14, 2026 |
| Stifel Nicolaus | Analyst unavailable | $62 | $44.84 | +20.4% | Sep 9, 2026 |
| Goldman Sachs | Analyst unavailable | $43 | $42.77 | -16.5% | Sep 7, 2026 |
| Wells Fargo | Noah Hungness | $50 | $44.3 | -2.9% | Sep 2, 2026 |
| Raymond James | John Freeman | $54 | $44.3 | +4.8% | Sep 2, 2026 |
| Argus Research | Bill Selesky | $48 | $42.36 | -6.8% | Aug 19, 2026 |
| Wells Fargo | Analyst unavailable | $49 | $39.97 | -4.9% | Aug 13, 2026 |
| KeyBanc | Analyst unavailable | $46 | $40.08 | -10.7% | Aug 12, 2026 |
| Susquehanna | Analyst unavailable | $47 | $41.02 | -8.8% | Aug 11, 2026 |
| Roth Capital | Leo Mariani | $39 | $36.04 | -24.3% | Aug 6, 2026 |
| Susquehanna | Analyst unavailable | $45 | $35.26 | -12.6% | Jul 21, 2026 |
| UBS | Analyst unavailable | $41 | $33.96 | -20.4% | Jul 15, 2026 |
| Raymond James | Analyst unavailable | $50 | $34.47 | -2.9% | Jul 13, 2026 |
| Truist Financial | Gabe Daoud | $38 | $33.19 | -26.2% | Jul 10, 2026 |
| Roth Capital | Leo Mariani | $38 | $33.03 | -26.2% | Jun 22, 2026 |
| Mizuho Securities | Analyst unavailable | $36 | $37.5 | -30.1% | May 27, 2026 |
| Raymond James | Analyst unavailable | $57 | $38.52 | +10.7% | May 26, 2026 |
| Morgan Stanley | Analyst unavailable | $44 | $38.86 | -14.6% | May 22, 2026 |
| Bernstein | Analyst unavailable | $40 | $35.56 | -22.3% | May 11, 2026 |
| Truist Financial | Gabe Daoud | $39 | $36.42 | -24.3% | Apr 20, 2026 |
| UBS | Analyst unavailable | $45 | $34.04 | -12.6% | Apr 17, 2026 |
| Wells Fargo | Analyst unavailable | $39 | $38.97 | -24.3% | Apr 9, 2026 |
| Morgan Stanley | Analyst unavailable | $43 | $44.39 | -16.5% | Mar 27, 2026 |
| RBC Capital | Analyst unavailable | $26 | $25.31 | -49.5% | Jan 26, 2026 |
| Morgan Stanley | Analyst unavailable | $21 | $26.28 | -59.2% | Jan 23, 2026 |
| Barclays | Analyst unavailable | $24 | $26.06 | -53.4% | Jan 21, 2026 |
| Wolfe Research | Doug Leggate | $35 | $25.35 | -32.1% | Jan 21, 2026 |
| Bernstein | Bob Brackett | $25 | $25.6 | -51.5% | Jan 5, 2026 |
| UBS | Josh Silverstein | $30 | $25.75 | -41.8% | Dec 12, 2025 |
| Mizuho Securities | William Janela | $22 | $25.94 | -57.3% | Dec 12, 2025 |
| Johnson Rice | Analyst unavailable | $40 | $26.71 | -22.3% | Dec 4, 2025 |
| Raymond James | John Freeman | $31 | $23.95 | -39.8% | Nov 24, 2025 |
| Goldman Sachs | Analyst unavailable | $21 | $23.38 | -59.2% | Nov 20, 2025 |
| Morgan Stanley | Analyst unavailable | $23 | $23.86 | -55.3% | Nov 20, 2025 |
| RBC Capital | Scott Hanold | $25 | $24.79 | -51.5% | Nov 17, 2025 |
| Susquehanna | Charles Minervino | $32 | $24.59 | -37.9% | Nov 12, 2025 |
| Mizuho Securities | William Janela | $20 | $23.24 | -61.2% | Oct 16, 2025 |
| UBS | Analyst unavailable | $25 | $23.42 | -51.5% | Oct 15, 2025 |
| RBC Capital | Scott Hanold | $24 | $22.6 | -53.4% | Oct 13, 2025 |
| Scotiabank | Analyst unavailable | $26 | $24.2 | -49.5% | Oct 9, 2025 |
| Raymond James | Analyst unavailable | $28 | $23.29 | -45.6% | Sep 10, 2025 |
| Piper Sandler | Mark Lear | $22 | $20.49 | -57.3% | Aug 14, 2025 |
| Stephens | Analyst unavailable | $24 | $18.59 | -53.4% | Aug 5, 2025 |
| RBC Capital | Scott Hanold | $22 | $20.11 | -57.3% | Jul 14, 2025 |
| Barclays | Betty Jiang | $21 | $19.64 | -59.2% | Jul 7, 2025 |
| Susquehanna | Analyst unavailable | $30 | $15.86 | -41.8% | Apr 22, 2025 |
| Morgan Stanley | Devin McDermott | $20 | $14.49 | -61.2% | Apr 15, 2025 |
| Morgan Stanley | Devin McDermott | $22 | $21.22 | -57.3% | Mar 26, 2025 |
| Wells Fargo | Analyst unavailable | $23 | $21.1 | -55.3% | Mar 26, 2025 |
| Goldman Sachs | Umang Choudhary | $23 | $20.81 | -55.3% | Mar 19, 2025 |
| Evercore ISI | Stephen Richardson | $30 | $22.6 | -41.8% | Nov 15, 2024 |
| Mizuho Securities | Nitin Kumar | $28 | $25.66 | -45.6% | Oct 1, 2024 |
| Wells Fargo | Roger Read | $23.5 | $12.23 | -54.4% | Oct 1, 2024 |
| Scotiabank | Paul Cheng | $30 | $23.81 | -41.8% | Sep 12, 2024 |
| Truist Financial | Neal Dingmann | $23 | $11.59 | -55.3% | Sep 11, 2024 |
| Piper Sandler | Mark Lear | $34 | $32.22 | -34.0% | Jul 18, 2024 |
| Evercore ISI | Stephen Richardson | $39 | $28.57 | -24.3% | Jun 14, 2024 |
| Mizuho Securities | Nitin Kumar | $35 | $30.9 | -32.1% | May 21, 2024 |
| Piper Sandler | Mark Lear | $33 | $30.2 | -35.9% | May 14, 2024 |
| Morgan Stanley | Devin McDermott | $28 | $33.72 | -45.6% | Apr 15, 2024 |
| Barclays | Betty Jiang | $40 | $34.89 | -22.3% | Apr 9, 2024 |
| Truist Financial | Neal Dingmann | $53 | $35.37 | +2.9% | Apr 5, 2024 |
| Roth Capital | Leo Mariani | $37 | $16.02 | -28.2% | Jan 26, 2024 |
| Wells Fargo | Roger Read | $52 | $34.35 | +1.0% | Mar 23, 2023 |
| Morgan Stanley | Analyst unavailable | $52 | $45.08 | +1.0% | Dec 14, 2022 |
| Raymond James | Analyst unavailable | $68 | $46.85 | +32.0% | Dec 1, 2022 |
| Piper Sandler | Analyst unavailable | $49 | $47.43 | -4.9% | Nov 17, 2022 |
| Citigroup | Analyst unavailable | $62 | $48.76 | +20.4% | Nov 14, 2022 |
| Raymond James | John Freeman | $70 | $40.37 | +35.9% | Oct 5, 2022 |
| Truist Financial | Neal Dingmann | $39.01 | $40.38 | -24.3% | Sep 19, 2022 |
| Truist Financial | Analyst unavailable | $37.5 | $20.3 | -27.2% | Sep 19, 2022 |
| Barclays | Analyst unavailable | $53 | $38.4 | +2.9% | Aug 31, 2022 |
| Morgan Stanley | Analyst unavailable | $54 | $41.23 | +4.8% | Aug 29, 2022 |
| MKM Partners | Analyst unavailable | $50 | $40.18 | -2.9% | Aug 26, 2022 |
| Mizuho Securities | Analyst unavailable | $54 | $35.04 | +4.8% | Aug 18, 2022 |
| Susquehanna | Analyst unavailable | $49 | $32.49 | -4.9% | Aug 5, 2022 |
| Piper Sandler | Mark Lear | $47 | $37.17 | -8.8% | Aug 1, 2022 |
| MKM Partners | Leo Mariani | $45 | $34.12 | -12.6% | Jul 27, 2022 |
| Mizuho Securities | Analyst unavailable | $56 | $33.34 | +8.7% | Jul 19, 2022 |
| Barclays | Analyst unavailable | $55 | $32.7 | +6.8% | Jul 13, 2022 |
| Goldman Sachs | Analyst unavailable | $41 | $32.73 | -20.4% | Jul 6, 2022 |
| Barclays | Jeanine Wai | $62 | $37.14 | +20.4% | Jun 23, 2022 |
| Mizuho Securities | Vincent Lovaglio | $60 | $47.97 | +16.5% | Jun 3, 2022 |
| Barclays | Analyst unavailable | $54 | $43.62 | +4.8% | May 25, 2022 |
| Scotiabank | Paul Cheng | $60 | $37.18 | +16.5% | May 10, 2022 |
| Raymond James | Analyst unavailable | $37.5 | $20.36 | -27.2% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $57 | $41.7 | +10.7% | Apr 22, 2022 |
| Barclays | Analyst unavailable | $56 | $41.67 | +8.7% | Apr 22, 2022 |
| KeyBanc | Leo Mariani | $45 | $41.69 | -12.6% | Apr 5, 2022 |
| KeyBanc | Leo Mariani | $41 | $39.48 | -20.4% | Mar 4, 2022 |
| MKM Partners | John Gerdes | $44 | $30.83 | -14.6% | Feb 23, 2022 |
| RBC Capital | Scott Hanold | $40 | $30.83 | -22.3% | Feb 23, 2022 |
| Morgan Stanley | Devin McDermott | $41 | $33.07 | -20.4% | Jan 25, 2022 |
| Barclays | Jeanine Wai | $30 | $29.5 | -41.8% | Jan 6, 2022 |
| UBS | Lloyd Byrne | $35 | $27.55 | -32.1% | Nov 17, 2021 |
| Citigroup | Scott Gruber | $23 | $21.3 | -55.3% | Sep 30, 2021 |
| Bernstein | Bob Brackett | $35 | $21.99 | -32.1% | Jun 21, 2021 |
| Johnson Rice | Charles Meade | $38 | $22.96 | -26.2% | Jun 8, 2021 |
| Wolfe Research | Josh Silverstein | $24 | $20.97 | -53.4% | May 12, 2021 |
| Goldman Sachs | Neil Mehta | $21.5 | $16.85 | -58.3% | Apr 20, 2021 |
Track every rating change on APA the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationAPA Corporation operates in the upstream segment of the oil and natural gas industry, utilizing its various subsidiaries to explore for, develop, and produce hydrocarbon assets. The company maintains significant operational presences in the United States, Egypt, and the United Kingdom, while also conducting exploration activities offshore Suriname. Furthermore, APA Corporation manages critical gathering, processing, and transmission infrastructure within West Texas and holds ownership interests in four major pipelines connecting the Permian Basin to the Gulf Coast. Established in 1954, the company is headquartered in Houston, Texas.
Historical context
All APA earningsEnergy peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| YPF YPF Sociedad Anónima | FY2026 Q3 · Calendar Q4 2026 | — | -3.1% | YPF sustains shale growth while advancing LNG and VMOS |
| AR Antero Resources Corporation | FY2026 Q3 · Calendar Q4 2026 | +22.3% | -2.2% | Antero posts record production as margin initiatives gain traction |
| LNG Cheniere Energy, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +7.1% | Cheniere raises 2026 outlook as LNG volumes and contracts grow |
| EPD Enterprise Products Partners L.P. | FY2026 Q3 · Calendar Q4 2026 | — | +2.9% | Enterprise Products raises outlook as Permian growth accelerates |
| TTE TotalEnergies SE | FY2026 Q3 · Calendar Q4 2026 | — | +1.5% | TotalEnergies posts strong Q3 as refining and LNG lead growth |
| DTM DT Midstream, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +3.7% | DT Midstream raises guidance while trimming growth capital |
Latest beats and misses
Who reports nextBeat on EPS
- ARFY2026 Q3 · October 28, 2026+22.3% EPS-2.2% move
- INVHFY2026 Q3 · October 28, 2026+49.5% EPS-0.4% move
- AEMFY2026 Q3 · October 28, 2026+5.7% EPS-3.9% move
- ORLYFY2026 Q3 · October 28, 2026+4.3% EPS-2.7% move
- STRLFY2026 Q3 · October 28, 2026+22.3% EPS-0.4% move
- KGCFY2026 Q3 · October 28, 2026+8.7% EPS-6.1% move
Get the APA recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T14:31:19.431837+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T14:31:19.428757+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-07-31. For educational purposes only; not investment advice.