On June 10, 2026, APA Corp. (APA:NASDAQ) announced an agreement to acquire Savant Alaska LLC, an oil and gas company that operates adjacent to the company's existing acreage in Alaska, U.S. APA paid approximately CA$70 million and will add additional contingent payments tied to future development of its eastern North Slope position.
APA will take over the Badami facilities, which come with a production capacity of roughly 40,000 barrels of oil per day. The company will also acquire the Nutaaq pipeline, which can add roughly 80,000 barrels per day and offers access to the Trans-Alaska Pipeline System. Already established infrastructure is expected to support operations beginning in the 2026 winter drilling season.
The release said: "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."
On top of the infrastructure, the acquisition also includes approximately 17,000 acres in the Badami unit, which produces 1,500 barrels of oil per day and has further undeveloped resource potential. Further, the acquisition includes approximately 75,000 acres of the Gret Owl unit, which will increase APA's total holding on Alaska's eastern North Slope to 487,000 acres.
Jon V. Christmann IV, CEO of APA, said in the release: "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. 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."
The transaction is expected to be finalized by the end of 2026.
APA is an American oil and gas company with projects in Alaska, Egypt, Suriname, and the UK.
Oil Prices Skyrocket During War
The war between the U.S. and Iran has ignited a rise in oil and gas prices, with producers struggling to meet demand.
"Oil shipments have been largely blocked from using the Strait of Hormuz, a critical chokepoint through which a fifth of global oil flows every day," according to Reuters. Further closures or destruction of oil refineries in the Middle East have either halted production completely or stalled it because the reserves are full, with no room to hold more oil.
Trading Economics claimed on June 11 that U.S. crude oil reserves are officially lower than they've been since the 1980s, falling by 15 million barrels last week and over 70 million over the past five weeks. As of the time of writing, Brent Crude Oil was priced at US$89 per barrel.
Hope around a peace deal between the warring nations has experienced both highs and troughs over the past several weeks, though relations seem to have soured overnight. On June 11, 2026, President Trump announced intentions to bombard Iran with air strikes, saying, "At some point in the not too distant future, we will be taking Kharg Island, and other oil infrastructure points, and assume total control of their Oil and Gas Markets." Trump's social media posts are a significant market mover for oil.
Streetwise Ownership Overview*
APA Corp. (APA:NASDAQ)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 03/02/21 | APA | 1 | APA | 1 |
| 06/09/20 | APA | 1 | APA | 1 |
| 01/15/04 | APA | 1 | APA | 2 |
Analyst Neutral Over APA
On June 10, 2026, senior research analyst Leo Mariani of Roth gave APA a "Neutral" rating, with a price target of US$37.00.
Mariani cited a "slightly higher leverage versus its peers, a shorter U.S. inventory life versus its Permian peers, and reliance on riskier exploration to backfill inventory needs."
An International Presence
According to the company website, APA is on track to bank US$450 million of cumulative run-rate savings by the end of 2026.
In Egypt, the company expects to grow gas production by 12% this year.
In Alaska, the company will undergo a 2026/2027 winter drilling campaign.
Ownership & Share Information1
APA Corporation has a market cap of US$12.94 billion, with 353.47 million shares outstanding. The company's 52-week range is US$17.74-US$45.66.
Institutions own 95% of company shares, while Management and Insiders own 0.5% of shares. The remaining 4.5% of shares are Retail.
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Important Disclosures:
- Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
