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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“This was enabled through the Callon acquisition and exits from noncore assets like the conventional Central Basin platform and our fragmented position in New Mexico.”
APA's Callon acquisition helped high-grade its Permian position and, via synergies, lowered breakeven oil prices versus Callon's 2023 cost structure.
“In Suriname, our partner, Total, continues to execute at a high level as we advance toward a mid-2028 first oil date.”
TotalEnergies, APA's operating partner on the GranMorgu development in Suriname Block 58, is executing well toward a mid-2028 first oil target.
“Total is carrying a large portion of our capital, and it enables us to stick to our returns framework”
APA structured its Suriname farm-down so TotalEnergies carries a large share of APA's development capital, letting APA fund GranMorgu without asset sales; underscores Total's capital commitment to the project.
“I would like to commend our partner, Total, on their execution of the project since announcing FID last fall. Manufacturing of the topsides for the FPSO is currently ongoing, and Total was able to secure drilling contracts at very attractive rates earlier this year.”
APA praises its Suriname GranMorgu JV operator TotalEnergies for strong project execution since FID, including FPSO topsides fabrication and securing drilling contracts at attractive rates; a positive read-through for Total's offshore execution.
“Obviously, Permian Resources is happy with it as well, but we think it's a good transaction especially for us, and the proceeds are going to predominantly go to debt paydown.”
Permian Resources is acquiring APA's New Mexico Permian properties for $608 million in a competitively bid sale, implying it is adding quality, contested Permian acreage.
“Income generated from our firm capacity contracts, along with our LNG sales contract with Cheniere, are reflected in our guidance and financials as purchased oil and gas sales and costs.”
APA's LNG sales contract with Cheniere is a profitable, quantified income line within APA's gas-marketing business, implying continued offtake demand from Cheniere.
“Lastly, we achieved a BBB- rating from S&P and are now investment grade with all three rating agencies.”
S&P's upgrade of APA to investment grade (BBB-) reflects improved confidence in APA's balance sheet following its debt reduction and portfolio reshaping.
“we have seen appreciation in international LNG prices benefiting APA through our Cheniere gas supply contract.”
APA's gas supply contract tied to Cheniere's LNG export operations is benefiting from higher international LNG prices, contributing to APA's gas trading gains.
“In Suriname, we reached a significant milestone when our partner Total announced FID on the Grand Morgue project, with a capacity of 220,000 barrels of oil per day, and first oil expected in 2028.”
APA's Suriname development partner Total made a positive final investment decision on the Grand Morgue project, a major milestone for the joint venture that carries APA's manageable capital exposure toward first oil in 2028.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Doug Leggate | Wolfe Research | 11 (27%) |
| John Freeman | Raymond James | 10 (0%) |
| Leo Mariani | ROTH Capital Partners | 10 (0%) |
| Betty Jiang | Barclays | 8 (0%) |
| Mike Scialla | Stephens | 6 (0%) |
| Paul Cheng | Scotiabank | 6 (0%) |
| Scott Hanold | RBC Capital Markets | 6 (0%) |
| Dave Deckelbaum | TD Cowen | 5 (0%) |
| Charles Meade | Johnson Rice | 4 (0%) |
| Neal Dingmann | William Blair | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wolfe Research | 1 | 11 (27%) |
| Raymond James | 1 | 10 (0%) |
| ROTH Capital Partners | 1 | 10 (0%) |
| Barclays | 1 |
| 8 (0%) |
| RBC Capital Markets | 1 | 6 (0%) |
| Scotiabank | 1 | 6 (0%) |
| Stephens | 1 | 6 (0%) |
| TD Cowen | 1 | 5 (0%) |
APA closed FY2025 with Q4 adjusted EPS of $0.91 as the $350 million cost savings target was achieved two years early with an expanded $450 million run rate target set for year-end. A Permian inventory assessment revealed 1,700 economic and 1,700 technical upside locations, extending the development runway. The oil and gas trading portfolio generated $650 million in pretax income though it faced structural capacity questions going forward.
Capex Investment | Geographic Expansion | Cost Pressure | Capital Allocation | Innovation & R&D | Pricing | Margin | Revenue Growth | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 5 | 3 | 3 | 2 | 2 | 1 | 1 |
| 2025Q1 | 3 | 3 | 5 | 6 | 2 | 1 | 4 | |
| 2025Q2 | 4 | 5 | 2 | 2 | 1 | 1 | 1 | |
| 2025Q3 | 9 | 7 | 5 | 2 | 2 | 1 | 2 | 1 |
| 2025Q4 | 9 | 6 | 2 | 1 | 3 | 1 | 1 | |
| 2026Q1 | 1 | 5 | 2 | 2 | 2 | 3 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Capex Investment | 6 | 3 | 4 | 9 | 9 | 1 |
| Geographic Expansion | 5 | 3 | 5 | 7 | 6 | 5 |
| Cost Pressure | 3 | 5 | 2 | 5 | 2 | 2 |
| Capital Allocation | 3 | 6 | 2 | 2 | 1 | 2 |
| Innovation & R&D | 2 | 2 | 1 | 2 | 3 | 2 |
| Pricing | 2 | 1 | 1 | 1 | 3 | |
| Margin | 1 | 4 | 1 | 2 | ||
| Revenue Growth | 1 | 1 | 1 | 1 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
APA APA Corporation | 5 | -11.7% | |
| COP ConocoPhillips | 6 | -2.5% | |
| CTRA Coterra | 7 | +23.8% | |
| DVN Devon Energy | 5 | -13.0% | |
| EOG EOG Resources | 9 | +15.7% | |
| EQT EQT Corporation | 9 | +39.7% | |
| EXE Expand Energy | 7 | +100.2% | |
| FANG Diamondback Energy | 6 | +5.2% | |
| OXY Occidental Petroleum | 6 | -23.1% | |
| TPL Texas Pacific Land Corporation | 8 | +20.8% |