Key Takeaways

   -- Entered into an agreement to acquire Savant Alaska, LLC for upfront 
      consideration, plus contingent payments tied to future development of 
      APA's Alaska position; 
 
   -- Acquisition includes the 40,000 barrel-per-day Badami facility plus 
      supporting field infrastructure, and the 80,000 barrel-per-day Nutaaq 
      Pipeline providing access to the Trans-Alaska Pipeline System; 
 
   -- Acquired infrastructure is expected to support 2026-2027 exploration and 
      appraisal activities, while enhancing future development flexibility; and 
 
   -- Transaction adds approximately 104,000 gross acres and approximately 
      1,500 barrels of oil per day of production through interests in the 
      Badami and Grey Owl units. 

HOUSTON, June 10, 2026 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today announced an agreement to acquire Savant Alaska, LLC ("Savant") for approximately $70 million in upfront consideration prior to customary closing adjustments, plus additional contingent payments tied to future development of APA's eastern North Slope position.

The acquisition secures ownership of key midstream, pipeline and field infrastructure adjacent to APA's existing acreage, and is expected to enhance development flexibility, accelerate project timelines, and lower future development costs. It also enhances APA's ability to appraise and potentially develop discoveries across its broader eastern North Slope position.

The transaction includes the Badami facilities, which have nameplate production capacity of approximately 40,000 barrels of oil per day, along with extensive supporting infrastructure, including accommodation facilities, a grind-and-inject system, barge landing and wharf facilities, runway access, gravel resources and other field infrastructure. In addition, APA is also acquiring the Nutaaq Pipeline, which has capacity of approximately 80,000 barrels of oil per day originating at Badami and providing access to the Trans-Alaska Pipeline System.

"The acquisition of Savant secures control of strategic infrastructure adjacent to our eastern North Slope acreage, enhancing our ability to execute our planned drilling program efficiently," said John J. Christmann IV, APA CEO. "As we continue to appraise and de-risk our resource base, ownership of this infrastructure provides greater flexibility and optionality in future development planning and represents a key step toward unlocking the potential of our position in Alaska."

Several infrastructure assets, including accommodation facilities, the grind-and-inject system, barge landing and associated field infrastructure, are expected to support operations beginning with the 2026-2027 winter drilling season.

APA has assumed operatorship of the existing joint venture with partners Lagniappe Alaska, LLC, an Armstrong company, and Oil Search (Alaska), LLC, a subsidiary of Santos Limited, and plans to conduct a two-well drilling program during the 2026-2027 winter season, consisting of one exploration well and one appraisal well. The exploration well will test a new play in the western portion of the acreage. Results from the appraisal well will help define the scale of the Sockeye complex, support development planning, and assess the feasibility of utilizing existing Badami infrastructure.

In addition to the infrastructure assets, the acquisition includes approximately 17,000 net acres in the Badami unit, which currently produces approximately 1,500 barrels of oil per day and contains additional undeveloped resource potential. The transaction also includes approximately 75,000 net acres in the Grey Owl unit, and additional non-unitized acreage adjacent to Badami, providing further exploration upside. Following the acquisition, APA's position on Alaska's eastern North Slope will total approximately 487,000 gross acres.

The transaction is expected to close by year-end 2026, subject to regulatory approval and customary closing conditions. APA will provide updated guidance post-close.

Alaska Asset Map

About APA

APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "continues," "could," "estimates," "expects," "goals," "guidance," "may," "might," "outlook," "possibly," "potential," "projects," "prospects," "should," "upside," "will," "would," and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, anticipated benefits and closing date of the pending transaction, development plans, project timelines, and costs. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See "Risk Factors" in APA's Form 10-K for the year ended December 31, 2025, and in our quarterly reports on Form 10-Q for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

Contacts

Investor: (281) 302-2286 | ir@apachecorp.com

Media: (713) 296-7276 | media@apachecorp.com

Website: www.apacorp.com

APA-G

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d87f937b-ffa1-4999-8f61-a47a0b76e0b4

(END) Dow Jones Newswires

June 10, 2026 07:00 ET (11:00 GMT)