Reported Earnings • May 07
First quarter 2026 earnings released: EPS: US$1.26 (vs US$0.96 in 1Q 2025) First quarter 2026 results: EPS: US$1.26 (up from US$0.96 in 1Q 2025). Revenue: US$2.33b (down 12% from 1Q 2025). Net income: US$446.0m (up 28% from 1Q 2025). Profit margin: 19% (up from 13% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 1.6% growth forecast for the Oil and Gas industry in Europe. New Risk • May 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.2% average weekly change). Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risks High level of debt (56% net debt to equity). Significant insider selling over the past 3 months (€723k sold). New Risk • Apr 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.0% average weekly change). Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. Minor Risks High level of debt (56% net debt to equity). Significant insider selling over the past 3 months (€723k sold). Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €31.68, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Upcoming Dividend • Apr 14
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 21 April 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Italian dividend payers (4.6%). Lower than average of industry peers (4.3%). Duyuru • Apr 10
APA Corporation, Annual General Meeting, May 21, 2026 APA Corporation, Annual General Meeting, May 21, 2026. Recent Insider Transactions • Mar 22
Independent Director recently sold €723k worth of stock On the 18th of March, Matthew Bob sold around 23k shares on-market at roughly €31.45 per share. This transaction amounted to 78% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €513k more than they sold in the last 12 months. Duyuru • Feb 27
Apa Corporationapa Corporation Provides Production Guidance for 2026 APA Corporation provides production guidance for 2026. For the period, the company expects U.S. oil production to average 120,000 to 122,000 barrels per day, a slight improvement from the preliminary outlook provided in November. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: US$3.99 (vs US$2.28 in FY 2024) Full year 2025 results: EPS: US$3.99 (up from US$2.28 in FY 2024). Revenue: US$9.22b (down 2.7% from FY 2024). Net income: US$1.43b (up 78% from FY 2024). Profit margin: 16% (up from 8.5% in FY 2024). The increase in margin was driven by lower expenses. Revenue is expected to decline by 8.1% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Europe are expected to grow by 1.9%. Declared Dividend • Feb 24
Dividend of US$0.25 announced Shareholders will receive a dividend of US$0.25. Ex-date: 21st April 2026 Payment date: 22nd May 2026 Dividend yield will be 2.8%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Feb 06
APA Corporation Declares Cash Dividend on Common Shares, Payable on May 22, 2026 The board of directors of APA Corporation has declared a regular cash dividend on the company's common shares. The dividend on common shares is payable on May 22, 2026, to stockholders of record on April 22, 2026, at a rate of 25 cents per share on the corporation’s common stock. Upcoming Dividend • Jan 14
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 21 January 2026. Payment date: 23 February 2026. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Italian dividend payers (4.6%). Lower than average of industry peers (5.7%). New Risk • Jan 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.9% average weekly change). Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risks High level of debt (58% net debt to equity). Profit margins are more than 30% lower than last year (16% net profit margin). Declared Dividend • Dec 12
Dividend of US$0.25 announced Shareholders will receive a dividend of US$0.25. Ex-date: 21st January 2026 Payment date: 13th February 2026 Dividend yield will be 3.1%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. EPS is expected to grow by 7.9% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Dec 10
APA Corporation Declares Cash Dividend on Common Shares, Payable on February 23, 2026 The board of directors of APA Corporation has declared a regular cash dividend on the company's common shares. The dividend on common shares is payable February 23, 2026, to stockholders of record on January 22, 2026, at a rate of 25 cents per share on the corporation’s common stock. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to €23.21, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Oil and Gas industry in Europe. New Risk • Nov 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.9% average weekly change). Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risks High level of debt (58% net debt to equity). Profit margins are more than 30% lower than last year (16% net profit margin). Duyuru • Nov 14
Repsol Reportedly Weighs Merger of $19 Billion Upstream Unit with APA Repsol, S.A. (BME:REP) is considering a reverse merger of its upstream unit with potential partners including US energy producer APA Corporation (NasdaqGS:APA), people with knowledge of the matter said, as it seeks ways to list the business in New York. The Spanish oil and gas company has held exploratory discussions with APA, formerly known as Apache Corp., about the possibility of a deal, according to the people. It has also held initial talks with other potential merger partners for the business, they said. Any deal could help Repsol bulk up the portfolio of its upstream business and provide it a faster route to becoming publicly traded. Repsol agreed in 2022 to sell a 25% stake in the upstream division to private equity firm EIG Global Energy Partners LLC in a deal valuing the business at $19 billion including debt. The transaction was aimed at helping the unit further expand in the US, while also raising funds for Repsol to invest in low-carbon activities. Executives have said they’re preparing the upstream unit for a potential “liquidity event,” such as a public listing, in 2026. Repsol Chief Executive Officer Josu Jon Imaz told analysts last month that company is considering options including an IPO of the business, a reverse merger with a US-listed group or the introduction of a new private investor. Deliberations are ongoing and there’s no certainty they will lead to a transaction, the people said, asking not to be identified because the information is private. Repsol continues to study a variety of options for the business and it may still opt for an IPO or stake sale, the people said. Representatives for APA, Repsol and EIG declined to comment. Duyuru • Nov 11
APA Corporation Announces Appointment of Robert P. Rayphole as Vice President, Chief Accounting Officer and Controller, Effective November 15, 2025 APA Corporation announced that Robert P. Rayphole has been promoted to Vice President, chief accounting officer and controller, effective November 15, 2025. Rayphole will lead APA’s Accounting department, providing global oversight of the company’s accounting organization and overseeing financial reporting, accounting operations and compliance with U.S. GAAP and SEC requirements. The role of chief accounting officer and controller was previously held by Rebecca A. Hoyt, who announced her retirement earlier this year after 33 years of dedicated service with the company. Rayphole joined the company in 2002, earning positions of increasing responsibility, including being named assistant controller in 2011. Before joining APA, Rayphole was an audit manager at Arthur Andersen LLP, an independent accounting firm, from 2000 to 2002. He holds both a bachelor's and a master's degree in accounting from Texas A&M University. New Risk • Nov 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. Minor Risks High level of debt (58% net debt to equity). Share price has been volatile over the past 3 months (5.9% average weekly change). Profit margins are more than 30% lower than last year (16% net profit margin). Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: US$0.57 (vs US$0.60 loss in 3Q 2024) Third quarter 2025 results: EPS: US$0.57 (up from US$0.60 loss in 3Q 2024). Revenue: US$2.02b (down 21% from 3Q 2024). Net income: US$205.0m (up US$428.0m from 3Q 2024). Profit margin: 10% (up from net loss in 3Q 2024). Revenue is expected to decline by 5.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to grow by 1.6%. Duyuru • Sep 11
Apa Corporation Declares Cash Dividend on Common Shares, Payable on November 21, 2025 APA Corporation has declared a regular cash dividend on the company's common shares. The dividend on common shares is payable November 21, 2025, to stockholders of record on Oct. 22, 2025, at a rate of 25 cents per share on the corporation’s common stock. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: US$1.67 (vs US$1.46 in 2Q 2024) Second quarter 2025 results: EPS: US$1.67 (up from US$1.46 in 2Q 2024). Revenue: US$2.19b (down 14% from 2Q 2024). Net income: US$603.0m (up 12% from 2Q 2024). Profit margin: 28% (up from 21% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is expected to decline by 4.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to grow by 12%. Upcoming Dividend • Jul 14
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 21 July 2025. Payment date: 22 August 2025. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Italian dividend payers (5.1%). Lower than average of industry peers (6.2%). Duyuru • Jul 10
APA Corporation Provides Production Guidance for the Full Year 2025 APA Corporation provided production guidance for the full year 2025. For the period, the company APA’s previous full-year 2025 U.S. production guidance issued in May contemplated approximately 13.0 MBoe/d (50% oil) from the sold New Mexico assets in the second half of 2025. Total net proceeds from the asset sale, after certain customary closing adjustments and transaction costs, were approximately $575 million. Duyuru • Jun 20
APA Corporation Announces Retirement of Rebecca A. Hoyt as Senior Vice President, Chief Accounting Officer, and Controller, to Be Effective in 2026 On June 17, 2025, Rebecca A. Hoyt, senior vice president, Chief Accounting Officer, and Controller, informed APA Corporation of her intention to retire from the Company. Ms. Hoyt’s retirement is anticipated to be effective in 2026, once her successor has been identified and after an appropriate transition period. Duyuru • May 22
APA Corporation Declares Cash Dividend on Common Shares, Payable on August 22, 2025 The board of directors of APA Corporation has declared a regular cash dividend on the company's common shares. The dividend on common shares is payable Aug. 22, 2025, to stockholders of record on July 22, 2025, at a rate of 25 cents per share on the corporation’s common stock. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: US$0.95 (vs US$0.44 in 1Q 2024) First quarter 2025 results: EPS: US$0.95 (up from US$0.44 in 1Q 2024). Revenue: US$2.64b (up 34% from 1Q 2024). Net income: US$347.0m (up 163% from 1Q 2024). Profit margin: 13% (up from 6.7% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 5.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Duyuru • May 08
Permian Resources Corporation (NYSE:PR) agreed to acquire 13,320 net acres, 8,700 net royalty acres and 12,000 Boe/d of APA Corporation for $608 million. Permian Resources Corporation (NYSE:PR) agreed to acquire 13,320 net acres, 8,700 net royalty acres and 12,000 Boe/d of APA Corporation for $608 million on May 7, 2025. Purchase price is subject to customary purchase price adjustments. The transaction is expected to close by the end of the second quarter of 2025. Kirkland & Ellis LLP acted as a legal advisor to Permian Resources. 
