Slide 1: Second-Quarter 2025 Financial and Operational Supplement
Second-Quarter 2025 Financial and Operational Supplement AUGUST 6, 2025
Slide 2: Notice to Investors
Notice to Investors Certain statements in this earnings supplement contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including, without limitation, expectations, beliefs, plans, and objectives r
Slide 3: Permian and Egypt Durability with Visible Growth
Permian and Egypt Durability with Visible Growth Building a Sustainable Base, Anchored by Permian and Egypt ⎻ Permian Basin 75% of total adjusted production ⎻ Transformed Permian into large-scale, focused unconventional position ⎻ Egypt oil (2021) & gas (2024) terms renegotiated, improving economics
Slide 4: Accelerating Capture of Controllable Spend Initiatives
Accelerating Capture of Controllable Spend Initiatives YTD 2025 Controllable Spend Progress Feb-2025 May-2025 Aug-2025 ($ in millions) Initiation Update Update Additional >$350 Million Upside FY25 Realized Savings $60 $130 $200 YE26 Run-Rate YE25 Run-Rate Savings $100 - $125 $225 $300 $300 Million Y
Slide 5: Initiating Long-Term Net Debt Target of $3.0 Billion
Initiating Long-Term Net Debt Target of $3.0 Billion Rationale for Further Deleveraging Balanced Capital Returns Approach Base Dividends – Positions APA for through-cycle resiliency ~$1.1 Billion – Enhances shareholder return flexibility across cycles Since Net Debt Reduction – Firm commitment to ba
Slide 6: Second Quarter and Asset Overview
Second Quarter and Asset Overview APA CORPORATION 6
Slide 7: Recent Highlights
Recent Highlights Highlights 2Q 2025 Global Portfolio Corporate Global ⎻ Accelerated controllable spend reduction targets on continued improvement to capital and overhead cost structures 465,078 BOE/D 51% / 17% / 32% ⎻ Reduced net debt by >$850 million, driven by the New Mexico asset sale Reported P
Slide 8: 2025 Permian Activity Cadence
2025 Permian Activity Cadence Permian Activity and U.S. Oil Production – Step-change in drilling efficiencies yielding measurable gains in operational execution Permian TIL Count (Gross / Net) 1Q25 2Q25 3Q25E 4Q25E – Initiated rig count reduction from 8 to 6 in 2Q25 with no 31 / 25 36 / 33 40 / 40 3
Slide 9: Significant Permian Capital Efficiency Improvement
Significant Permian Capital Efficiency Improvement APA has reduced per-foot D&C costs by >20% Competitive Development Costs since 1H24 in both Midland & Delaware Basins Drilling & Completion Cost Per Lateral Foot(1) Delaware Basin Midland Basin D&C Cost Reductions Driven By: $880 $790 - $840 $780 $7
Slide 10: Increasing Egypt Leasehold Acreage by More Than 35%
Increasing Egypt Leasehold Acreage by More Than 35% ⎻ In July, secured Presidential approval for the direct award of ~2 million acres, APA Egypt Acreage: ~7.5 Million Acres increasing APA’s Egypt footprint by >35% ⎻ Highly contiguous with core APA operating areas, near infrastructure and existing pr
Slide 11: Egypt Gas Materially Outperforming Original Guidance
Egypt Gas Materially Outperforming Original Guidance Beat and Raised Guidance for the Second Consecutive Quarter on Strong Productivity and Infrastructure Utilization – Year-over-year growth in gas volumes for the first time in 12 years – Material exploration and appraisal prospects with access to e
Slide 12: Exploration Portfolio Led by Suriname Block 58
Exploration Portfolio Led by Suriname Block 58 Exploration Portfolio Highlights Suriname Expected Free Cash Flow Profile(1) Suriname $MM $60 Brent Scenario ⎻ 220,000 B/d oil project underway with partner TotalEnergies $80 Brent Scenario ⎻ APA’s carry agreement significantly reduces capital exposure
Slide 13: Suriname GranMorgu: Project Update
Suriname GranMorgu: Project Update Project Delivery on Track for Mid-2028 First Oil Project Stats >750 MMBO 220 MBO/D Estimated Recoverable Oil Production Resource Capacity ⎻ FY25 Suriname capital guidance raised to $275MM, reflecting additional milestone Mid-2028 40% WI payments expected in 2H25 Ex
Slide 14: Suriname GranMorgu: World Class Opportunity
Suriname GranMorgu: World Class Opportunity APA’s Interest in GranMorgu Equates to Top Tier Cash Field Margin(2)(3)(4) 400 Midland Basin Locations at ~30% of the Cost ($ / BOE) GranMorgu Midland Basin (APA Net) (Average Well)(1) EUR (Oil) 180 MMBO + 180 MMBO GranMorgu $60 Total Capital Invested ~$1.
Slide 15: APA's Differential Gas Trading Portfolio
APA’s Differential Gas Trading Portfolio Expect Third-Party Purchases & Sales to Generate $650 million of Pre-Tax Cash Flow in 2025 Permian Firm Transport Contracts Cheniere Global LNG Contract ⎻ ~750,000 MMbtu/d of contracted firm capacity ⎻ 140,000 MMbtu/d contract volume ⎻ Extension optionality i
Slide 16: Guidance
APA Corporation Guidance APA CORPORATION | 16
Slide 17: Expect Reduction in U.S. & U.K. Current Taxes in 2026
Expect Reduction in U.S. & U.K. Current Taxes in 2026 Most Impactful OBBB Provisions Effective Date Restoration of 100% Bonus Depreciation Jan-2025 – 2025: Treatment of Intangible Drilling & Development Costs Jan-2026 – Benefits from the One Big Beautiful Bill (OBBB) and adjustments to 2024 estimate
Slide 18: Guidance
Guidance Average Daily Production (‘000) 3Q 2025 FY 2025 (1) Includes FY25 North Sea production of 23 Mbo/d & 29 Mboe/d Total Company Reported (Oil / BOE) 228 / 448 232 / 457 (1) Total Company Adjusted (Oil / BOE) 187 / 379 189 / 387 U.S. (Oil / BOE) 120 / 278 123 / 286 Reduction in FY25 oil guide r
Slide 19: Appendix
APA Corporation Appendix APA CORPORATION | 19
Slide 20: Upstream Capital Investment
Upstream Capital Investment ($ in millions) 1Q 2025 2Q 2025 United States – Lower 48 $439 $486 Egypt (excluding noncontrolling interest) $112 $115 North Sea $2 -- DC&F Capital (Permian, Egypt, North Sea) $553 $601 Suriname $116 $31 United States – Alaska $41 $16 Upstream Capital Investment $710 $648
Slide 21: Egypt Production Detail
Egypt Production Detail 1Q 2025 2Q 2025 Oil Gas Oil Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 128,025 456,955 204,184 123,852 479,235 203,724 Reported Production 86,173 317,209 139,041 86,210 345,649 143,818 % Gross 67% 69% 68% 70% 72% 71% Less: Tax Barrels 22,391 83,876 36,
Slide 22: Commodity Derivative Instruments
Commodity Derivative Instruments Basis Swap Purchased Basis Swap Sold MMBtu Weighted Average MMBtu Weighted Average Production Period Settlement Index (in 000’s) Price Differential (in 000’s) Price Differential July – December 2025 NYMEX Henry Hub / IF Waha 93,840 $(3.16) - - July – December 2025 NY
Slide 23: Referenced Terms
⎻ Upstream Capital Investment: Includes exploration, development, gathering, processing, and transmission capital, and capitalized overhead. Excludes capital investment for property and leasehold acquisitions, non-cash asset retirement additions and revisions, Glossary of capitalized interest, certa
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations APA CORPORATION 24
Slide 25: Non-GAAP Reconciliation: Adjusted EBITDAX
Non – GAAP Reconciliation Adjusted EBITDAX Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDAX Management believes EBITDAX, or earnings before income tax expense, interest expense, depreciation, amortization and exploration expense is a widely accepted financial indicator
Slide 26: Non-GAAP Reconciliation: Free Cash Flow
Non – GAAP Reconciliation Cash Flow Before Changes in Operating Assets & Liabilities and Free Cash Flow Reconciliation of Net Cash Provided by Operating Activities to Cash Flows from Operations before Changes in Operating Assets and Liabilities and Free Cash Flow Cash flows from operations before ch
Slide 27: Non-GAAP Reconciliation: Segment Cash Flows
Non – GAAP Reconciliation Segment Cash Flows Reconciliation of Net Cash Provided by Operating Activities to Cash Flows from Continuing Operations before Changes in Operating Assets and Liabilities Cash flows from operations before changes in operating assets and liabilities is a non-GAAP financial m
Slide 28: Non-GAAP Reconciliation: Net Debt
Non – GAAP Reconciliation Net Debt Reconciliation of Debt to Net Debt Net debt, or outstanding debt obligations less cash and cash equivalents, is a non-GAAP financial measure. Management uses net debt as a measure of the Company's outstanding debt obligations that would not be readily satisfied by
Slide 29: Non-GAAP Reconciliation: Upstream Capital Investment
Non – GAAP Reconciliation Upstream Capital Investment Reconciliation of Costs Incurred to Upstream Capital Investment Management believes the presentation of upstream capital investments is useful for investors to assess APA's expenditures related to our upstream capital activity. We define capital
Slide 30: apacorp.com
APA Corporation apacorp.com