APA dividend: payout and coverage
MyStockButler's October 2026 analysis: APA paid $1.00 per share across 2023–2025. In 2025, APA’s free cash flow covered payments to minority owners, dividends and buybacks.
How much does APA pay its shareholders?
The dividend remained $1.00 per share across 2023–2025, and APA targets returning at least 60% of its own free cash flow through dividends and buybacks. That promise depends on APA’s definition of free cash flow, commodity prices and the capital program.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 9,220 | 9,737 | 8,192 | 12,132 | 7,928 |
| Net income | 1,434 | 804 | 2,855 | 3,674 | 973 |
| EPS, diluted | 3.99 | 2.27 | 9.25 | 11.02 | 2.59 |
| Dividend per share | 1.00 | 1.00 | 1.00 | 0.75 | 0.24 |
What this means. Revenue is not just money from sales; it also includes gains and other income, so it may look higher than the company's actual sales.
How much would APA's dividend pay you?
$10,000 invested in APA at its 1.9% dividend yield (our report of October 24, 2026) pays $190.00 in the first year, before tax. If its dividend per share keeps changing 63.5% a year, as it did from 2021 to 2025, and the dividends are reinvested, year 10 pays $112,410.08, with $173,341.67 received in all.
Before tax. Past dividend growth is not a promise. Information only, not investment advice.
Is APA’s dividend covered by its cash?
APA generated exceptionally strong free cash flow in 2022, but the following two years were tighter. In 2023 and 2024, distributions exceeded that year’s free cash flow on the table’s measure. That did not mean APA was insolvent: asset sales, borrowing and existing cash could fill the gap. It meant the payouts were not fully covered by that year’s chosen free-cash-flow figure.
Sinopec also received cash because it owns one-third of the Egypt business. APA controls and consolidates Egypt, but it cannot keep all of the cash economically. In 2025, the company’s free cash flow covered payments to minority owners, dividends and buybacks, leaving cash before other uses.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,805 | 769 | 816 | 3,173 | 2,395 |
| − Paid to minority owners | 430 | 268 | 238 | 373 | 325 |
| − Dividends paid | 360 | 353 | 308 | 207 | 52 |
| − Share buybacks | 280 | 246 | 329 | 1,423 | 847 |
| = Free cash flow not paid out | 735 | 1,170 | 1,171 |
What this means. The money paid to minority owners is a real cash payout, but it goes to outside part-owners of subsidiaries, so it is separate from dividends and share buybacks paid to the company's own shareholders.
What could change APA’s dividend?
The base dividend stays at $1.00 per share in every period, matching the $0.25 quarterly rate and the annual payout maintained through 2025. The bear case falls from $0.75 to $0.50 and remains there because weaker cash flow could force a cut. The bull case holds at $1.00 first, then rises to $1.10 and $1.20 as savings and GranMorgu create room for increases.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 5,100 (3,800 / 6,200) | 5,300 (3,600 / 6,900) | 5,900 (3,900 / 7,900) |
| Shares (millions) | 331 (342 / 322) | 323 (344 / 304) | 317 (347 / 285) |
| Dividends per share | 1.00 (0.75 / 1.00) | 1.00 (0.50 / 1.10) | 1.00 (0.50 / 1.20) |
| Enterprise value to ebitda | 3.70 (2.80 / 4.50) | 4.00 (2.60 / 5.00) | 4.30 (2.80 / 5.50) |
| Net debt | 2,415 (2,920 / 2,190) | 1,375 (2,440 / 810) | -60.00 (1,730 / -1,020) |
What this means. A negative net debt number means the company has more cash than borrowed money.
What is APA’s dividend yield today?
EBITDA is not cash because it adds back depreciation and depletion, even though wells and facilities are being used up. A well is like a fruit tree: selling the fruit creates cash, but the tree’s productive life is being consumed. APA reported $546 million of upstream capital investment and $738 million of free cash flow in the second quarter of 2026, so the useful question is what remains after keeping production alive. Its 9.9% free-cash-flow yield contrasts with a 1.9% dividend yield because APA can use surplus cash for repurchases or debt reduction.