APA Corporation shares have risen nearly 63% over the past year, significantly outperforming Chord Energy's 17.7% gain and SM Energy's 1.5% decline. The rally reflects improved confidence in APA's operating progress, cash generation, and future project pipeline, though the stock now trades at about 7.3 times forward earnings, a discount to the subindustry's 9.5 times. A key long-term catalyst is the GranMorgu development in offshore Suriname's Block 58, a project with TotalEnergies that holds more than 750 million barrels of estimated recoverable resources and targets first oil by mid-2028. APA's current operations are anchored by the Permian Basin and Egypt, with management reducing drilling and completion costs and targeting a $3 billion net debt target. Risks include commodity-price swings, geopolitical exposure in Egypt, and the long wait before Suriname contributes meaningfully, leading Zacks to rate the stock a Hold.
APA CorporationShares surged 63% over the past year on improved operating progress, cash generation, and future project pipeline, with a discount to peers.
TotalEnergies SETotalEnergies is a partner in the GranMorgu development in Suriname, a key long-term catalyst with over 750 million barrels of recoverable resources.
Chord Energy Corp
SM Energy Co