APA to beef up exploration spending in 2027

Oil & Gas Journal · Geert De Lombaerde · 2026-11-05 00:00 UTC

The plan will get the company back in its targeted range, CEO John Christmann said, and will include work in Suriname, Alaska, and Uruguay.

Executives at APA Corp., Houston, plan to bump the company’s 2027 capital spending to $2.5 billion from an expected $2.1 billion and will dedicate the majority of that increase to exploration work and the development of the GranMorgu project in which it is a 40% partner.

Speaking to analysts and investors after APA reported third-quarter profits of $698 million on revenues of more than $2.8 billion, chief executice officer John Christmann said the allocation of $250 million to exploration and another $250 million to developing GranMorgu will return APA to its targeted range of having 10-15% of annual upstream capital go to such work. The plans comprise:

- Two exploration wells in Suriname’s GranMorgu offshore development with TotalEnergies, which also owns 40% of that project and is the operator. Christmann said the wells will look to extend GranMorgu’s production plateau “or even support a second development.”

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