Guidance
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APA
FY2026 Q1
개선
APA Corporation 실적 발표
Buzzberg 분석
Raising Permian oil production guidance to 122,000 bbl/d
APA delivered strong Q1 results with production above guidance and free cash flow of $477 million. Management raised its Permian oil production outlook and highlighted the significant contribution from its gas trading portfolio ($1.1bn pre-tax cash flow guidance). The tone was confident, emphasizing cost discipline, free cash flow generation, and progress towards debt reduction. Q1 adjusted EPS of $1.38 beat consensus; free cash flow of $477 million, with $88 million returned to shareholders.
Buzzberg 분석 Raising Permian oil production guidance to 122,000 bbl/d APA delivered strong Q1 results with production above guidance and free cash flow of $477 million. Management raised its Permian oil production outlook and highlighted the significant contribution from its gas trading portfolio ($1.1bn pre-tax cash flow guidance). The tone was confident, emphasizing cost discipline, free cash flow generation, and progress towards debt reduction. Q1 adjusted EPS of $1.38 beat consensus; free cash flow of $477 million, with $88 million returned to shareholders. 전체 분석 보기분석 접기
APA delivered strong Q1 results with production above guidance and free cash flow of $477 million. Management raised its Permian oil production outlook and highlighted the significant contribution from its gas trading portfolio ($1.1bn pre-tax cash flow guidance). The tone was confident, emphasizing cost discipline, free cash flow generation, and progress towards debt reduction. Q1 adjusted EPS of $1.38 beat consensus; free cash flow of $477 million, with $88 million returned to shareholders.
- FY2026 free cash flow guidance raised to ~$2.2 billion, reflecting higher gas trading income and strong commodity prices.
- US oil production outlook raised to 122,000 bbl/d for 2026, driven by improved Permian operational efficiency.
- Gas trading portfolio expected to generate ~$1.1 billion pre-tax cash flow in 2026, but this is expected to normalize in the second half as new pipelines (GCX, Blackcomb, Hugh Brinson) come online.
매출$2.327B+17% 전분기 대비
주당순이익(EPS)$1.38+52% 전분기 대비
매출총이익률77.31%보고값
영업이익률35.67%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Cash Flow
Forecast $2.2 billion free cash flow for 2026
Trading
Gas trading portfolio expected to generate $1.1 billion pre-tax cash flow in 2026
핵심 내용 3개 더 보기
Balance Sheet
Repaid $634 million of near-term bond maturities year-to-date
Balance Sheet
No debt maturities until December 2029
Growth
Suriname Grand Morgue on track for first oil mid-2028
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $2.327B | +17% 전분기 대비 |
| 주당순이익(EPS) | $1.38 | +52% 전분기 대비 |
| 매출총이익률 | 77.31% | 보고값 |
| 영업이익률 | 35.67% | 보고값 |
| 잉여현금흐름 | $0.012B | 보고값 |
| 자본지출 | $0.542B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 자본지출 | FY2026 | $2.1B | $2.1B | 유지 |
| 잉여현금흐름 | FY2026 | $2.2B | $2.2B | 유지 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident and Discip
Management expressed confidence in operational execution and free cash flow generation, while emphasizing disciplined capital allocation and balance sheet strength amid geopolitical volatility.
투자 및 생산능력
Management maintained upstream capital guidance at $2.1 billion for 2026, with about 55% spent in the first half. They highlighted continued capital efficiency improvements in the Permian, enabling production growth with fewer rigs. They also noted a modest increase in decommissioning spend toward more planned platform well abandonments in the Gulf of America.
아래에 언급된 기업 4개 모두 표시
기업발표 이후 수익률
공급망
공급망
Ben Rogers
Management is seeing a $5 to $10 per barrel premium for dated Brent over futures Brent in Q2, which is expected to compress through the year, indicating strong spot demand. — Sustained physical tightness in the North Sea market is a bullish signal for producers with immediate supply access, like those in the region.
근거
“That dated Brent differential to the price that you see on the screen has increased varied pretty widely in the first quarter, really March, and then in the second quarter. It's kind of $8 to $10 in the second quarter. It compresses”
공급망
Ben Rogers
APA's gas trading portfolio is expected to generate $1.1 billion of pre-tax cash flow in 2026 due to wider Waha basis differentials and elevated LNG prices, but per the forward curve, basis differentials are expected to compress in the second half of the year as new pipelines (GCX, Blackcomb, Hugh Brinson) come online. — The expiry of wide Waha basis differentials directly impacts the profitability of Permian-focused gas processors and pipeline operators, whose takeaway capacity becomes less scarce.
근거
“About $300 million is coming from LNG companies for the year, for the remainder of the year. And the bulk of the pipeline transport really is kind of through the summer where we see very wide basis differentials. To your point, that starts”
외부 신호
공급망 알파 · 2발표 이후 수익률
APA's gas trading portfolio is expected to generate $1.1 billion of pre-tax cash flow in 2026 due to wider Waha basis differentials and elevated LNG prices, but per the forward curve, basis differentials are expected to compress in the second half of the year as new pipelines (GCX, Blackcomb, Hugh Brinson) come online.
근거
“About $300 million is coming from LNG companies for the year, for the remainder of the year. And the bulk of the pipeline transport really is kind of through the summer where we see very wide basis differentials. To your point, that starts…”
Management is seeing a $5 to $10 per barrel premium for dated Brent over futures Brent in Q2, which is expected to compress through the year, indicating strong spot demand.
근거
“That dated Brent differential to the price that you see on the screen has increased varied pretty widely in the first quarter, really March, and then in the second quarter. It's kind of $8 to $10 in the second quarter. It compresses throug…”
방법론 및 범위
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