APA Corporation (APA)

Debt-to-equity 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-equity ratio		0.00	0.00	0.00	0.00	2.16	0.00	0.00	0.00	—	—	—	—	—	—	—	—	2.63	1.33	1.25	1.16

December 31, 2023 calculation

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

The debt-to-equity ratio of APA Corporation has exhibited significant fluctuations over the past eight quarters. The ratio was at its lowest in Q4 2023 at 1.95, indicating a relatively lower level of debt compared to equity. However, it increased sharply in the subsequent quarters, reaching a peak of 13.06 in Q1 2023, suggesting a substantial reliance on debt to finance the company's operations.

The trend in the debt-to-equity ratio demonstrates a notable increase in leverage from Q4 2022 to Q1 2023. This substantial rise could potentially raise concerns about the company's financial risk and its ability to repay debt obligations.

It is also worth mentioning that the absence of data for Q1 2022 limits a comprehensive analysis of the longer-term trend in the debt-to-equity ratio. However, the fluctuations observed in the available data highlight the importance of monitoring APA Corporation's leverage levels and financial health closely.