Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is APA Corporation (APA) Halal?

PASS

APA Corporation · NASDAQ: APA · Energy

The short answer

APA Corporation passes this screener's three gates: an upstream oil and gas business with no haram segments, $4.49 billion of interest-bearing debt at 30.4% of its ~$14.8 billion market cap (under the 33% ceiling, though above the stricter 30% AAOIFI marker), and interest income of 0.28% of revenue. Debt is the tightest gate - worth rechecking when new figures land.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. APA Corporation (formerly Apache Corporation), headquartered in Houston, TX, is an independent oil and gas exploration and production company. Per its FY2025 Form 10-K (fiscal year ended December 31, 2025, filed February 26, 2026), it explores for, develops, and produces crude oil, natural gas, and natural gas liquids, with operations in the US (Permian Basin), Egypt, and the UK North Sea, exploration in Suriname, Uruguay, and Alaska, plus West Texas gathering, processing, and transmission assets.

The company has no interest-based lending, alcohol, tobacco, gambling, or pork segments — upstream hydrocarbon production passes gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (30.4%, ceiling 33%). Per the Consolidated Balance Sheet (F-7) of APA's FY2025 Form 10-K, interest-bearing debt was $4,493 million at December 31, 2025: current debt of $213 million plus long-term debt of $4,280 million (Note 8). No borrowings were outstanding under its term loan, commercial paper, or revolving credit facilities. Operating lease liabilities are excluded — they are not interest-bearing debt.

$4.49 billion against a market capitalization of about $14.8 billion (Finnhub, October 2, 2026) is 30.4%, under the 33% ceiling — though above the stricter 30% debt marker some screeners use, which is why third-party ratings differ (see below). Cash and cash equivalents of $516 million at December 31, 2025 represent about 3.5% of market cap. The company reported net debt of $3.3 billion at June 30, 2026 (cash $444 million), lower than the year-end figure, after $752 million of bond repayments in H1 2026.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0.28%, ceiling 5%). APA's FY2025 Form 10-K separately discloses interest income in Note 8 (Debt and Financing Costs), in the financing-costs breakdown table: "Interest income (25) (12) (10)" — $25 million in 2025, $12 million in 2024, and $10 million in 2023.

$25 million of interest income against FY2025 revenue of $8,920 million is about 0.28%, far under the 5% ceiling. The quarterly filings report only "Financing costs, net," without a separate interest-income line, so the verified FY2025 figure is used.

Key figures used

Frequently asked questions

What does APA Corporation do?

APA Corporation (NASDAQ: APA), formerly Apache Corporation, is an independent oil and gas exploration and production company headquartered in Houston, TX. Per its FY2025 Form 10-K (fiscal year ended December 31, 2025, filed February 26, 2026), it explores for, develops, and produces crude oil, natural gas, and natural gas liquids, with operations in the US Permian Basin, Egypt, and the UK North Sea, exploration in Suriname (GranMorgu), Uruguay, and Alaska, plus West Texas gathering, processing, and transmission assets and stakes in four Permian-to-Gulf Coast pipelines.

Is APA Corporation's business Shariah compliant?

APA is an upstream oil and gas producer - it is not an interest-based lender and has no alcohol, tobacco, gambling, or pork segments. Hydrocarbon exploration and production passes this screener's first gate.

How much interest-bearing debt does APA Corporation have?

APA's interest-bearing debt was $4,493 million at December 31, 2025 - current debt of $213 million plus long-term debt of $4,280 million - per the Consolidated Balance Sheet (F-7) of its FY2025 Form 10-K. No borrowings were outstanding under its term loan, commercial paper, or revolving credit facilities. Operating lease liabilities are excluded as they are not interest-bearing debt. $4.49 billion against a market capitalization of about $14.8 billion (Finnhub, October 2, 2026) is 30.4% - under the 33% ceiling, though above the stricter 30% debt marker some screeners use. (The company reported net debt of $3.3 billion at June 30, 2026, down after $752 million of bond repayments in H1 2026.)

How much interest income does APA Corporation earn?

APA's FY2025 Form 10-K separately discloses interest income in Note 8 (Debt and Financing Costs), in the financing-costs breakdown table: 'Interest income (25) (12) (10)' - $25 million in 2025, $12 million in 2024, and $10 million in 2023. $25 million against FY2025 revenue of $8,920 million is about 0.28% - far under the 5% non-compliant income ceiling. (Quarterly filings report only 'Financing costs, net,' without a separate interest-income line, so the verified FY2025 figure is used.)

What do third-party Shariah screeners say about APA Corporation?

Zoya publishes an APA page and rates it not Shariah-compliant - it cites the same FY2025 figures ($8,920 million revenue, $25 million interest income) but applies AAOIFI's stricter 30% debt threshold, against which APA's 30.4% debt ratio fails. Musaffa publishes an APA page and rates it NOT HALAL as of October 2026 (AAOIFI methodology). I could not find a ShariaPortfolio per-stock rating page for APA. This screener uses a 33% debt ceiling, under which APA passes - the different results reflect different thresholds, not different facts. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).