The present invention relates generally to a method and apparatus utilized in hydrocarbon exploration. More specifically, the present invention relates to the utilization of acoustic sources and receivers to determine acoustic properties of geologic formations as a logging tool traverses them, be it a wireline logging tool and/or a logging while drilling (LWD) tool. More particularly, the present invention is directed to methods of, and apparatus for, adaptive equalization of receivers to reduce and/or substantially eliminate sensitivity mismatch. A method is provided, the method comprising detecting arrival times of a first wave at each of a plurality of receivers, determining a first place in a well when the arrival times of the first wave are substantially the same at each of the plurality of receivers, and estimating effective receiver sensitivities and equalization factors for each of the plurality of receivers using a Stoneley wave amplitude received by the plurality of receivers at the first place in the well. The method also comprises correcting amplitudes of a second wave received by the plurality of receivers using the estimated effective receiver sensitivities and equalization factors for each of the plurality of receivers.