What smart money is saying about APA
APA · Energy · Oil & Gas Exploration & Production · Market cap $12.64B
2 funds in our archive have pitched APA — most recently Hotchkis & Wiley Value Opportunities in September 2026.
Company profile
APA Corporation operates in the upstream segment of the oil and natural gas industry, utilizing its various subsidiaries to explore for, develop, and produce hydrocarbon assets. The company maintains significant operational presences in the United States, Egypt, and the United Kingdom, while also conducting exploration activities offshore Suriname. Furthermore, APA Corporation manages critical gathering, processing, and transmission infrastructure within West Texas and holds ownership interests in four major pipelines connecting the Permian Basin to the Gulf Coast. Established in 1954, the company is headquartered in Houston, Texas.
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13
Reported positions
0
Bought
1
Sold
13
Letters
Position history
Between Q1 2026 and Q3 2026, 13 fund letters reported a position in APA — 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 4 | 0 | 0 | 1 |
| Q2 2026 | 6 | 0 | 0 | 1 |
| Q1 2026 | 3 | 0 | 1 | 0 |
Fund activity · 13 positions · 1 move
- September 2026
“APA is an independent oil and gas exploration and production operating in the Midland and Delaware basins in the Permian and Egypt. APA offers strong free cash flow generation driven by favorable natural gas price differentials and underappreciated reinvestment opportunities in Suriname, Egypt, and potentially Alaska. The stock outperformed during Q3 after August results highlighted Permian efficiency, and strong free cash flow supporting debt paydown and buybacks, with management guiding to substantial additional share repurchases through year- end. We believe structural cost improvements and favorable pipeline and liquefied natural gas contracts support continued cash generation, while progress in Alaska increases its potential contribution to normal earnings. Our investment thesis remains intact.”
APA - September 2026
“APA is an independent oil and gas exploration and production operating in the Midland and Delaware basins in the Permian and Egypt.”
APA - September 2026
“APA is an independent oil and gas exploration and production operating in the Midland and Delaware basins in the Permian and Egypt. APA offers strong free cash flow generation driven by favorable natural gas price differentials and underappreciated reinvestment opportunities in Suriname, Egypt, and potentially Alaska. The stock outperformed during Q3 after August results highlighted Permian efficiency, and strong free cash flow supporting debt paydown and buybacks, with management guiding to substantial additional share repurchases through year- end. We believe structural cost improvements and favorable pipeline and liquefied natural gas contracts support continued cash generation, while progress in Alaska increases its potential contribution to normal earnings. Our investment thesis remains intact.”
APA - September 2026
“APA is an independent oil and gas exploration and production operating in the Midland and Delaware basins in the Permian and Egypt. APA offers strong free cash flow generation driven by favorable natural gas price differentials and underappreciated reinvestment opportunities in Suriname, Egypt, and potentially Alaska. The stock outperformed during Q3 after August results highlighted Permian efficiency, and strong free cash flow supporting debt paydown and buybacks, with management guiding to substantial additional share repurchases through year- end. We believe structural cost improvements and favorable pipeline and liquefied natural gas contracts support continued cash generation, while progress in Alaska increases its potential contribution to normal earnings. Our investment thesis remains intact.”
APA - June 2026
“APA Corp. (APA) is an independent oil and gas E&P (exploration & production) company operating in the Permian and in Egypt. Quarterly results were in line with expectations and supportive of our investment thesis, but the stock fell as oil retreated due to optimism about a resolution to the conflict in Iran.”
APA - June 2026
“APA Corp. (APA) is an independent oil and gas E&P (exploration & production) company operating in the Permian and in Egypt.”
APA - June 2026
“APA Corp. (APA) is an independent oil and gas E&P (exploration & production) company operating in the Permian and in Egypt. Quarterly results were in line with expectations and supportive of our investment thesis, but the stock fell as oil retreated due to optimism about a resolution to the conflict in Iran.”
APA - June 2026
“Below are the largest detractors held in the portfolio. APA Corp. (APA) is an independent oil and gas E&P (exploration & production) company operating in the Permian and in Egypt.”
APA - June 2026
“APA Corp. (APA) is an independent oil and gas E&P (exploration & production) company operating in the Permian and in Egypt.”
APA - June 2026
“Energy was the most notable detractor from fund results during the period. The market discounted a potential end to the Iran conflict and lower risk to global crude supply which pushed oil prices lower. This pressured Exxon Mobil, APA, and Shell, which detracted from the fund’s absolute and relative performance during the quarter.”
APA - March 2026
“l We eliminated the following position(s) during the period: • APA • Baxter • Celanese • Deere”
APA - March 2026
“Three positions stood out as the largest contributors to performance. Corning shares advanced 56% during the quarter, supported by improving demand in optical communications for data centers leading to a more constructive pricing environment. Exxon shares rose 42%, reflecting strong underlying commodity fundamentals and continued capital discipline amid the energy price shock. The fund’s overweight position to Exxon provided a meaningful positive contribution to relative returns. APA shares gained 74%, benefiting from operational leverage to higher energy prices and improved investor sentiment toward the sector. The fund’s overweight to APA also contributed to relative performance.”
APA - HoldsAriel Focused ValueMarch 2026
“Oil and gas producer, APA Corporation (APA) was the top contributor during the quarter, benefiting from higher oil prices and the company’s strong exposure to upstream operations, which tend to perform well when commodity prices improve.”
APA
Fund coverage · 2 theses
- Hotchkis & Wiley Value OpportunitiesSeptember 2026
APA is an oil and gas producer with strong free cash flow, cost improvements, and reinvestment opportunities that support buybacks and earnings upside.
Read the full thesis - Hotchkis & Wiley Value OpportunitiesJune 2026
APA is an upstream oil and gas company with strong free cash flow, undervalued reinvestment opportunities, and a discounted valuation.
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