APA · CIK 1841666
What APA Corporation told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for APA. More may follow as additional filings are processed.
In its own words
What could break it.
Geographic concentration
- Egypt — 31% of production (23% net of NCI), sovereign EGPC offtakehigh
Egypt is a major part of APA's portfolio — 31% of 2025 production (23% net of a one-third noncontrolling interest) and ~12–17% of proved reserves — concentrating production and offtake (via state-owned EGPC) in a single emerging-market jurisdiction with sovereign, currency and political risk.
“The Company's operations in Egypt, excluding the impacts of a one-third noncontrolling interest, contributed 23 percent of 2025 production and accounted for 12 percent of year-end 2025 estimated proved reserves.”
SEC filing →As of 2026
Regulatory & policy
- UK North Sea fiscal/regulatory regime (Energy Profits Levy) forcing exithigh
The combined impact of UK North Sea emissions regulations, infrastructure requirements and taxes (incl. the Energy Profits Levy windfall tax) made continued investment uneconomic, leading APA to plan to cease North Sea production before 2030 — a regulation-driven exit from an entire operating region.
“expected returns did not economically support making investments required under the combined impact of the regulations and now expects to cease production at its facilities in the North Sea prior to 2030.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Egyptian General Petroleum Corporation (EGPC)
“During 2025, sales to EGPC in Egypt accounted for approximately 15 percent of the Company's worldwide crude oil, natural gas, and NGLs revenues.”
Cited →
Its suppliers
“2025 Oil: DE Central Operating, LLC. 53 % Civitas Resources Inc. 12 % APA Corporation. 18 % Natural gas and liquids: DE Central Operating, LLC. 40 % Civitas Resources Inc. 26 % APA Corporation. 15 %”
Cited →Helix Energy Solutions Group, Inc.
“The percentages of consolidated revenue from major customers (those representing 10% or more of our consolidated revenues) were as follows: 2025 — Shell ( 18 %) and Petrobras ( 10 %); 2024 — Shell ( 12 %) and Talos ( 12 %); and 2023 — Apache ( 11 %) and Shell ( 10 %).”
Cited →
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