Analyst Consensus ?
ConsensusHold51 ratings
Bullish2039.2%
Neutral2651.0%
Bearish59.8%
APA Corporation · APA · FY2026 Q2 · Calendar Q3 2026
APA: Cost savings accelerate as Q2 execution supports debt reduction
The supplied Q2 analysis supports a constructive operating thesis for APA: execution, cost reductions and capital discipline may strengthen cash generation and debt reduction. The thesis remains dependent on commodity conditions, gas infrastructure and successful delivery of exploration and development plans.
Reported After market closeNASDAQEnergy
$15.49B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.89
Consensus $1.90
EPS surprise
-0.5%
Reported versus consensus
Reported revenue
$2.40B
Consensus $2.46B
Revenue surprise
-2.5%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+5.4%
Event window
SPY move
-0.2%
Same window
Abnormal move
+5.6%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
+20.9%
Up to 20 sessions
APASPY benchmark
Ask FN2 about APA FY2026 Q2
Transcript, numbers and history already loaded
Why did APA rise 5.4% after missing EPS estimates in FY2026 Q2?What changed in APA's guidance and outlook in FY2026 Q2?Give me the bull and bear case for APA after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, targeted run-rate cost savings increased from $450 million to $500 million, APA completed the Savant Alaska acquisition, and ENI joined as a 40% partner in Uruguay Block 6. The analysis also describes a $1.3 billion capital budget and a mid-2028 GranMorgu first-oil target.
Guidance delta
Guidance sentiment remained raised: APA maintained a $1.3 billion capital budget, raised targeted run-rate savings to $500 million, and reaffirmed the mid-2028 GranMorgu first-oil timeline.
Key takeaways
- APA's Q2 analysis describes production meeting guidance, lower capital spending and record free cash flow of $738 million.
- Run-rate cost-savings expectations increased to $500 million, above the earlier $450 million target.
- Management remains focused on the $3 billion net-debt goal by 2027 and returning at least 60% of free cash flow to shareholders.
- GranMorgu remains on track for first oil in mid-2028, while Savant Alaska and Uruguay Block 6 expand the exploration pipeline.
Management priorities
- Deliver cost reductions and maintain capital discipline.
- Reach the $3 billion net-debt target by 2027 while continuing shareholder returns.
- Advance GranMorgu, Alaska and Uruguay exploration and development plans.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$43.21Current
$20Low
$37.62Average
$62High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 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 |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Sep 14, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Sep 2, 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 |
| Susquehanna | Positive | Positive | Maintain | Aug 11, 2026 |
| Truist Securities | Hold | Hold | Maintain | Aug 10, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Jun 29, 2026 |
| Roth Capital | Buy | Neutral | Upgrade | Jun 22, 2026 |
| Mizuho | Underperform | Underperform | Maintain | May 27, 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 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Mar 5, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Feb 26, 2026 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Feb 17, 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 $43.21. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Analyst unavailable | $44 | $44.87 | +1.8% | Sep 21, 2026 |
| UBS | Analyst unavailable | $47 | $44.73 | +8.8% | Sep 14, 2026 |
| Stifel Nicolaus | Analyst unavailable | $62 | $44.84 | +43.5% | Sep 9, 2026 |
| Goldman Sachs | Analyst unavailable | $43 | $42.77 | -0.5% | Sep 7, 2026 |
| Wells Fargo | Noah Hungness | $50 | $44.3 | +15.7% | Sep 2, 2026 |
| Raymond James | John Freeman | $54 | $44.3 | +25.0% | Sep 2, 2026 |
| Argus Research | Bill Selesky | $48 | $42.36 | +11.1% | Aug 19, 2026 |
| Wells Fargo | Analyst unavailable | $49 | $39.97 | +13.4% | Aug 13, 2026 |
| KeyBanc | Analyst unavailable | $46 | $40.08 | +6.5% | Aug 12, 2026 |
| Susquehanna | Analyst unavailable | $47 | $41.02 | +8.8% | Aug 11, 2026 |
| Roth Capital | Leo Mariani | $39 | $36.04 | -9.7% | Aug 6, 2026 |
| Susquehanna | Analyst unavailable | $45 | $35.26 | +4.1% | Jul 21, 2026 |
| UBS | Analyst unavailable | $41 | $33.96 | -5.1% | Jul 15, 2026 |
| Raymond James | Analyst unavailable | $50 | $34.47 | +15.7% | Jul 13, 2026 |
| Truist Financial | Gabe Daoud | $38 | $33.19 | -12.1% | Jul 10, 2026 |
| Roth Capital | Leo Mariani | $38 | $33.03 | -12.1% | Jun 22, 2026 |
| Mizuho Securities | Analyst unavailable | $36 | $37.5 | -16.7% | May 27, 2026 |
| Raymond James | Analyst unavailable | $57 | $38.52 | +31.9% | May 26, 2026 |
| Morgan Stanley | Analyst unavailable | $44 | $38.86 | +1.8% | May 22, 2026 |
| Bernstein | Analyst unavailable | $40 | $35.56 | -7.4% | May 11, 2026 |
| Truist Financial | Gabe Daoud | $39 | $36.42 | -9.7% | Apr 20, 2026 |
| UBS | Analyst unavailable | $45 | $34.04 | +4.1% | Apr 17, 2026 |
| Wells Fargo | Analyst unavailable | $39 | $38.97 | -9.7% | Apr 9, 2026 |
| Morgan Stanley | Analyst unavailable | $43 | $44.39 | -0.5% | Mar 27, 2026 |
| RBC Capital | Analyst unavailable | $26 | $25.31 | -39.8% | Jan 26, 2026 |
| Morgan Stanley | Analyst unavailable | $21 | $26.28 | -51.4% | Jan 23, 2026 |
| Barclays | Analyst unavailable | $24 | $26.06 | -44.5% | Jan 21, 2026 |
| Wolfe Research | Doug Leggate | $35 | $25.35 | -19.0% | Jan 21, 2026 |
| Bernstein | Bob Brackett | $25 | $25.6 | -42.1% | Jan 5, 2026 |
| UBS | Josh Silverstein | $30 | $25.75 | -30.6% | Dec 12, 2025 |
| Mizuho Securities | William Janela | $22 | $25.94 | -49.1% | Dec 12, 2025 |
| Johnson Rice | Analyst unavailable | $40 | $26.71 | -7.4% | Dec 4, 2025 |
| Raymond James | John Freeman | $31 | $23.95 | -28.3% | Nov 24, 2025 |
| Goldman Sachs | Analyst unavailable | $21 | $23.38 | -51.4% | Nov 20, 2025 |
| Morgan Stanley | Analyst unavailable | $23 | $23.86 | -46.8% | Nov 20, 2025 |
| RBC Capital | Scott Hanold | $25 | $24.79 | -42.1% | Nov 17, 2025 |
| Susquehanna | Charles Minervino | $32 | $24.59 | -25.9% | Nov 12, 2025 |
| Mizuho Securities | William Janela | $20 | $23.24 | -53.7% | Oct 16, 2025 |
| UBS | Analyst unavailable | $25 | $23.42 | -42.1% | Oct 15, 2025 |
| RBC Capital | Scott Hanold | $24 | $22.6 | -44.5% | Oct 13, 2025 |
| Scotiabank | Analyst unavailable | $26 | $24.2 | -39.8% | Oct 9, 2025 |
| Raymond James | Analyst unavailable | $28 | $23.29 | -35.2% | Sep 10, 2025 |
| Piper Sandler | Mark Lear | $22 | $20.49 | -49.1% | Aug 14, 2025 |
| Stephens | Analyst unavailable | $24 | $18.59 | -44.5% | Aug 5, 2025 |
| RBC Capital | Scott Hanold | $22 | $20.11 | -49.1% | Jul 14, 2025 |
| Barclays | Betty Jiang | $21 | $19.64 | -51.4% | Jul 7, 2025 |
| Susquehanna | Analyst unavailable | $30 | $15.86 | -30.6% | Apr 22, 2025 |
| Morgan Stanley | Devin McDermott | $20 | $14.49 | -53.7% | Apr 15, 2025 |
| Morgan Stanley | Devin McDermott | $22 | $21.22 | -49.1% | Mar 26, 2025 |
| Wells Fargo | Analyst unavailable | $23 | $21.1 | -46.8% | Mar 26, 2025 |
| Goldman Sachs | Umang Choudhary | $23 | $20.81 | -46.8% | Mar 19, 2025 |
| Evercore ISI | Stephen Richardson | $30 | $22.6 | -30.6% | Nov 15, 2024 |
| Mizuho Securities | Nitin Kumar | $28 | $25.66 | -35.2% | Oct 1, 2024 |
| Wells Fargo | Roger Read | $23.5 | $12.23 | -45.6% | Oct 1, 2024 |
| Scotiabank | Paul Cheng | $30 | $23.81 | -30.6% | Sep 12, 2024 |
| Truist Financial | Neal Dingmann | $23 | $11.59 | -46.8% | Sep 11, 2024 |
| Piper Sandler | Mark Lear | $34 | $32.22 | -21.3% | Jul 18, 2024 |
| Evercore ISI | Stephen Richardson | $39 | $28.57 | -9.7% | Jun 14, 2024 |
| Mizuho Securities | Nitin Kumar | $35 | $30.9 | -19.0% | May 21, 2024 |
| Piper Sandler | Mark Lear | $33 | $30.2 | -23.6% | May 14, 2024 |
| Morgan Stanley | Devin McDermott | $28 | $33.72 | -35.2% | Apr 15, 2024 |
| Barclays | Betty Jiang | $40 | $34.89 | -7.4% | Apr 9, 2024 |
| Truist Financial | Neal Dingmann | $53 | $35.37 | +22.7% | Apr 5, 2024 |
| Roth Capital | Leo Mariani | $37 | $16.02 | -14.4% | Jan 26, 2024 |
| J.P. Morgan | Arun Jayaram | $56 | $34.35 | +29.6% | Mar 23, 2023 |
| Morgan Stanley | Analyst unavailable | $52 | $45.08 | +20.3% | Dec 14, 2022 |
| Raymond James | Analyst unavailable | $68 | $46.85 | +57.4% | Dec 1, 2022 |
| Piper Sandler | Analyst unavailable | $49 | $47.43 | +13.4% | Nov 17, 2022 |
| Citigroup | Analyst unavailable | $62 | $48.76 | +43.5% | Nov 14, 2022 |
| Raymond James | John Freeman | $70 | $40.37 | +62.0% | Oct 5, 2022 |
| Truist Financial | Neal Dingmann | $39.01 | $40.38 | -9.7% | Sep 19, 2022 |
| Truist Financial | Analyst unavailable | $37.5 | $20.3 | -13.2% | Sep 19, 2022 |
| Barclays | Analyst unavailable | $53 | $38.4 | +22.7% | Aug 31, 2022 |
| Morgan Stanley | Analyst unavailable | $54 | $41.23 | +25.0% | Aug 29, 2022 |
| MKM Partners | Analyst unavailable | $50 | $40.18 | +15.7% | Aug 26, 2022 |
| Mizuho Securities | Analyst unavailable | $54 | $35.04 | +25.0% | Aug 18, 2022 |
| Susquehanna | Analyst unavailable | $49 | $32.49 | +13.4% | Aug 5, 2022 |
| Piper Sandler | Mark Lear | $47 | $37.17 | +8.8% | Aug 1, 2022 |
| MKM Partners | Leo Mariani | $45 | $34.12 | +4.1% | Jul 27, 2022 |
| Mizuho Securities | Analyst unavailable | $56 | $33.34 | +29.6% | Jul 19, 2022 |
| Barclays | Analyst unavailable | $55 | $32.7 | +27.3% | Jul 13, 2022 |
| Goldman Sachs | Analyst unavailable | $41 | $32.73 | -5.1% | Jul 6, 2022 |
| Barclays | Jeanine Wai | $62 | $37.14 | +43.5% | Jun 23, 2022 |
| Mizuho Securities | Vincent Lovaglio | $60 | $47.97 | +38.9% | Jun 3, 2022 |
| Barclays | Analyst unavailable | $54 | $43.62 | +25.0% | May 25, 2022 |
| Scotiabank | Paul Cheng | $60 | $37.18 | +38.9% | May 10, 2022 |
| Raymond James | Analyst unavailable | $37.5 | $20.36 | -13.2% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $57 | $41.7 | +31.9% | Apr 22, 2022 |
| Barclays | Analyst unavailable | $56 | $41.67 | +29.6% | Apr 22, 2022 |
| KeyBanc | Leo Mariani | $45 | $41.69 | +4.1% | Apr 5, 2022 |
| KeyBanc | Leo Mariani | $41 | $39.48 | -5.1% | Mar 4, 2022 |
| MKM Partners | John Gerdes | $44 | $30.83 | +1.8% | Feb 23, 2022 |
| RBC Capital | Scott Hanold | $40 | $30.83 | -7.4% | Feb 23, 2022 |
| Morgan Stanley | Devin McDermott | $41 | $33.07 | -5.1% | Jan 25, 2022 |
| Barclays | Jeanine Wai | $30 | $29.5 | -30.6% | Jan 6, 2022 |
| UBS | Lloyd Byrne | $35 | $27.55 | -19.0% | Nov 17, 2021 |
| Citigroup | Scott Gruber | $23 | $21.3 | -46.8% | Sep 30, 2021 |
| Bernstein | Bob Brackett | $35 | $21.99 | -19.0% | Jun 21, 2021 |
| Johnson Rice | Charles Meade | $38 | $22.96 | -12.1% | Jun 8, 2021 |
| Wolfe Research | Josh Silverstein | $24 | $20.97 | -44.5% | May 12, 2021 |
| Goldman Sachs | Neil Mehta | $21.5 | $16.85 | -50.2% | 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 earningsLatest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the APA recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-06T17:14:48.353008+00:00
- FN2 earnings calendar · 2026-09-10T01:23:13.706414+00:00
- Polygon adjusted daily market bars · 2026-09-22T14:00:54.805474+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T14:00:54.802746+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 2026-09-22. For educational purposes only; not investment advice.