Adjusted operating cash flow was $817 million and adjusted free cash flow was $312 million with $505 million cash CapEx.
Leverage maintained at approximately 1x with liquidity around $3 billion.
Q2 production exceeded expectations with 176.5k barrels of oil per day including 900 barrels from the Apache acquisition, totaling 385,000 BOE per day.
Repurchased $43 million of shares at an average price of $10.52 per share during Q2.
Adjusted net income was $313 million or $0.87 per share, excluding non-core items.
APA reported consolidated net income of $603 million or $1.67 per diluted share in Q2 2025, including a $219 million after-tax gain on the New Mexico divestiture and $106 million unrealized after-tax gain on derivatives.
Free cash flow generated was $134 million, fully returned to shareholders via dividends and buybacks.
LOE and G&A costs came in below guidance, driven by cost savings in international assets and organizational simplification.
Net debt was reduced by over $850 million, a 15% decrease, driven by asset sale proceeds and positive working capital inflows.
Since end of 2020, APA has reduced net debt by over $4 billion and returned over $4 billion to shareholders.
Balance sheet remains strong with FFO to debt target of 14% to 15% and net debt to total capitalization target of 55%, maintained during the quarter.
Black Hills Corporation delivered $0.38 per share in Q2 2025 compared to $0.33 per share in Q2 2024, driven by $0.22 per share of new margins including $0.17 from new rates and rider recovery.
Equity issuance of $65 million year-to-date with plans for $215 million to $235 million for the full year to finance $1 billion capital investments.
Higher operating expenses and financing costs partially offset new margins, including $0.05 per share higher O&M due to increased insurance premiums and unplanned outages, $0.08 higher financing costs, and $0.04 higher depreciation.
Liquidity was strong with over $600 million available under revolving credit facility at quarter end.
Unplanned generation outages added approximately $5 million in pretax O&M costs year-to-date, but these were materially offset by margin benefits and noncontrolling interest.
Year-to-date EPS increased to $2.24 from $2.19, benefiting from $0.49 of new rates and rider recovery and $0.14 of weather favorability, offsetting $0.29 higher O&M, $0.24 higher financing costs, and $0.07 higher depreciation.
Dafinchi