2Q26 Preview: Anticipating In-Line Print as Management Looks to Flex its Exploration Muscle

研报英文原文证据摘录

2Q26 Preview: Anticipating In-Line Print as Management Looks to Flex its Exploration Muscle

J P M O R G A N North America Equity Research

13 July 2026

APA Corp Neutral

APA, APA US

2Q26 Preview: Anticipating In-Line Print as Price (10 Jul 26):$33.44

Management Looks to Flex its Exploration Muscle ▼Price Target (Dec-26):$36.00 Prior (Dec-26):$41.00

JPM View: We expect APA to deliver a solid 2Q26 update, characterized by steady

operational momentum, continued progress toward its cost-reduction targets, and Oil & Gas Exploration & Production

an upbeat update on its exploration program. While APA’s shale E&P peers remain Arun Jayaram AC

largely focused on L-48 development, the company continues to build out a (1-212) 622-8541

broader exploration opportunity set across Alaska, Suriname, Egypt and Uruguay, arun.jayaram@jpmchase.com

with the recently announced Savant Alaska acquisition representing a relatively Pankaj Bhatter, CFA

low-cost transaction that pulls more of the Alaska midstream value chain inside the (1-212) 622-3795

pankaj.bhatter@jpmchase.com

company’s control (see details here). APA plans to conduct a two-well program J.P. Morgan Securities LLC

(one exploration, one appraisal) for the upcoming winter drilling season in Alaska,

and we believe the company could return to exploratory drilling in Suriname in late

2026 or early 2027. The company also plans to commence work on its Uruguay Key Changes (FYE Dec)

exploration well in late 2027. In terms of upcoming catalysts, we believe the Prev Cur Δ

management team is keen to provide a comprehensive update on the potential, cash Adj. EPS - 26E ($) 6.04 4.88 -19.2%

Adj. EPS - 27E ($) 4.20 2.92 -30.4%

flow capability and longevity of its Egypt assets later this year (potentially on the

3Q26 print).