APA is an independent oil and gas exploration and production (E&P) company with operations in the Permian Basin (West Texas), Egypt's Western Desert, and the U.K. North Sea. The Permian Basin is APA's largest segment, accounting for roughly 62% of production, where APA drills unconventional shale wells targeting the Spraberry, Wolfcamp, and Bone Spring formations across approximately 1.3 million net acres. Egypt contributes about 31% of production via conventional onshore operations under production-sharing contracts with the national oil company EGPC, where APA is the largest acreage holder at 7.5 million gross acres. The North Sea is in managed decline and APA expects to exit before 2030. APA sells crude oil, natural gas, and NGLs at prevailing market prices, with revenue driven primarily by production volumes and commodity prices. A notable feature of APA's business model is its U.S. gas marketing operation, where APA owns firm pipeline capacity from the Permian's Waha hub to the Gulf Coast and an LNG supply contract with Cheniere, generating meaningful incremental cash flow. APA's most significant growth asset is a 50% working interest in the GranMorgu offshore oil development in Suriname, operated by TotalEnergies, targeting first oil in mid-2028 at a capacity of 220,000 b/d — with TotalEnergies funding the large majority of development costs under a carry arrangement. Near-term priorities include cost reduction, balance sheet repair following the 2024 Callon acquisition, and ramping Egypt gas production under a new, more favorable pricing agreement with EGPC.