APA Corporation

Cash generation remains cyclical. In 2Q25, production was 465 Mboe/d and CFO was $1.2B, but quarterly FCF was $134M after upstream capital and other adjustments.

The company guides to steady 2025 volumes and higher run‑rate cost savings, which helps predictability versus past years but does not eliminate commodity and jurisdiction risks (notably Egypt and UK North Sea taxes). Suriname offers a multi‑year growth vector, though its contribution is back‑end loaded and subject to project and market risks.