APA Corporation's Gas Curtailments and Aggressive Buybacks Redefine Capital Allocation Strategy

APA Corporation curtailed 91 MMcf/d of US natural gas and 7,600 barrels per day of natural gas liquids due to weak Waha hub prices in Q4 2025. The company continued its capital return program, repurchasing 2,700,000 shares for US$65.26 million, bringing total buybacks under its 2018 authorization to 98,130,761 shares for about US$3.21 billion. The combination of production curtailments and ongoing share repurchases shapes APA's investment narrative, with disciplined capital allocation and a lean valuation expected to offset a choppy operating backdrop.