APA (NASDAQ: APA) projects $190 million gain and sets a results call

What happened

APA Corporation (NASDAQ: APA) said third-quarter supplemental results include a $190 million pre-tax net gain on oil and gas purchases and sales. It also set a results conference call for Nov. 5 at 10 a.m. Central time. The release lists estimated third-quarter average realized prices of $87.50 a barrel for U.S. oil, $26.00 for U.S. NGL and $1.45 per Mcf for U.S. natural gas.

It lists International prices of $98.50 for oil, $155.00 for NGL and $5.00 per Mcf for natural gas, plus Egypt tax barrels of 36 MBoe d. APA also said third-quarter dry hole costs before tax were $25 million. The release puts estimated weighted-average basic common shares at 348 million and says APA repurchased 10.5 million shares at an average $42.78 per share.

Third-quarter general and administrative expenses were about $115 million, including $56 million of stock-based compensation. APA said most of that amount reflected mark-to-market impacts of APA's share price during the quarter. The $190 million gain includes $8 million of realized gain from commodity derivatives. The filing says the information is supplemental and that actual results and the impact of identified factors may vary materially.

Key numbers

Metric	Latest	Change	Source
Net gain on oil and gas purchases and sales (before tax)	$190 million		APA Corporation third-quarter 2026 supplemental information
General and administrative expenses	$115 million		APA Corporation third-quarter 2026 supplemental information
Stock-based compensation	$56 million		APA Corporation third-quarter 2026 supplemental information
Shares repurchased	10.5 million shares		APA Corporation third-quarter 2026 supplemental information
Average repurchase price	$42.78 per share		APA Corporation third-quarter 2026 supplemental information

Read more: APA (APA) stock analysis and investment case

Why it matters

OptimistFi's case is that APA only works if commodity-linked cash generation stays strong while costs stay controlled. This supplement points both ways. It shows a $190 million pre-tax net gain and 10.5 million shares repurchased, but it also shows $115 million of G&A and $56 million of stock-based compensation.

Stock-based compensation was about 30% of the pre-tax gain. APA also reported $25 million of dry hole costs before tax. The filing says these figures are management estimates, and actual results may vary materially.

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What's next

APA will discuss third-quarter 2026 results at 10 a.m. Central time on Nov. 5. That call is the next dated update tied to the supplement.

If the final release confirms the estimate and repurchase pace, that would support the cash-flow thesis. If the final mix shifts materially, this supplement will remain an early baseline for the quarter.

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