APA Corporation (APA)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	—	—	—	—	4,885,000	—	—	—	7,295,000	—	—	8,713,000	8,770,000	8,750,000	8,523,000	8,336,000	8,555,000	8,393,000	8,157,000	8,094,000
Total stockholders’ equity	US$ in thousands	4,732,000	3,094,000	2,700,000	2,404,000	2,258,000	1,831,000	1,508,000	932,000	-618,000	-179,000	-92,000	-410,000	-1,639,000	-1,641,000	-1,635,000	-1,246,000	3,255,000	6,301,000	6,551,000	6,989,000
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.68	0.00	0.00	0.00	1.09	—	—	1.05	1.23	1.23	1.24	1.18	0.72	0.57	0.55	0.54

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $4,732,000K)
= 0.00

The debt-to-capital ratio of APA Corporation has shown fluctuations over the past eight quarters. In Q4 2022, the ratio stood at 0.93, with a slight decrease to 0.90 in Q3 2022. However, the ratio held steady in Q2 2022 at 0.90 before increasing to 1.00 in Q1 2022.

Subsequently, the ratio decreased in Q1 2023 to 0.93, followed by further declines in Q2 2023 to 0.89 and Q3 2023 to 0.84. The most recent data in Q4 2023 shows a decrease to 0.66, indicating a notable improvement in the company's debt-to-capital position.

Overall, the trend in the debt-to-capital ratio of APA Corporation has been somewhat volatile, but the latest ratio of 0.66 suggests a positive development as the company appears to be managing its debt more efficiently relative to its capital. It will be important to monitor future quarters to assess the sustainability of this improvement and its impact on the company's financial health.