APA Corporation (APA) reported net income attributable to shareholders of $698 million in 3Q26, compared with $205 million in 3Q25. Diluted earnings per share (EPS) were $2.00, versus $0.57 a year earlier. Adjusted earnings (non-GAAP, excluding items the company considers not comparable) totaled $676 million, or $1.94 per share.
Total revenue was $2.8 billion ($2,769 million), compared with $2.1 billion ($2,115 million) in 3Q25. Total production was about 450,000 barrels of oil equivalent (BOE) per day. Adjusted production, which excludes noncontrolling interests and tax barrels in Egypt, was 381,000 BOE per day, above the company's guidance. U.S. oil production was 128,000 barrels per day, 4,000 above guidance.
Cash generated from operations was $1.38 billion, free cash flow was $699 million and adjusted EBITDAX (non-GAAP, earnings before interest, taxes, depreciation, amortization and exploration) was $1.86 billion. APA returned $537 million to shareholders, including $450 million in share repurchases. The company paid dividends of $0.25 per share in the quarter. From January to October, it repurchased 17.8 million shares.
APA paid down $451 million in debt in the quarter. Net debt (non-GAAP) was $3.2 billion at the end of September, and the net debt target was lowered to $2 billion. The company projects free cash flow of about $2.9 billion in 2026, up $600 million from the August estimate, and U.S. oil production of 124,000 barrels per day for the year.
For 2027, the preliminary upstream capital budget is $2.5 billion, up $400 million from 2026. Exploration and the development of GranMorgu account for about 60% of this increase.
