APA reports higher second-quarter profit, raises U.S. oil guidance

APA reported second-quarter 2026 net income of $747 million, or $2.11 per diluted share, and adjusted earnings of $669 million, or $1.89 per share, on $1.7 billion of operating cash flow and $738 million of free cash flow. The company repaid $752 million of near-term debt in the first half, returned $189 million to shareholders in the second quarter, raised full-year U.S. oil production guidance to 123,000 barrels per day while keeping U.S. capital spending at $1.3 billion, and increased its expected 2026 exit-rate cost savings to $500 million.