Slide 1: EnerCom Denver
EnerCom Denver Ben Rodgers EVP & Chief Financial Officer AUGUST 2026
Slide 2: Notice to Investors
Notice to Investors Forward-looking Statements: Certain statements in this presentation contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation,
Slide 3: About APA
About APA 429 Mboe/d* Reported Production ALASKA ~$2.1 Billion* Established in 1954, UNITED KINGDOM we contribute to global progress by 2026 Upstream Capital Investment PERMIAN helping meet the EGYPT world’s energy needs 5 Exploration/Appraisal Wells* SURINAME Planned for 2027 URUGUAY ~900 Million*
Slide 4: APA's Differentiated Investment Case
APA’s Differentiated Investment Case Durable, High-Quality Visible Organic Oil Growth Core Portfolio Stable, Predictable FCF Foundation in >5% 3-Year Oil CAGR Permian and Egypt Capital Efficient Asset Base Significant Exploration Upside Attractive Reinvestment Rates in Permian Catalysts in Suriname,
Slide 5: 2Q Highlights: Strong Execution Supporting Higher FCF
2Q Highlights: Strong Execution Supporting Higher FCF Recent Highlights Outstanding Execution on Core Assets Strategic Progress – Delivered 2Q26 U.S. oil production 2.5 Mbbl/d – Significant debt reduction strengthens financial above guidance flexibility – Nearly 50% of Egypt gas receiving new higher
Slide 6: The Case for Exploration
The Case for Exploration Renewed Focus on Exploration as Durable Demand Meets a Maturing Supply Base Exploration Industry proved Projected global oil Revised IEA 2030 oil spend reserve life production decline demand forecast with no Exploration -60% -25% -4% per year 105.5 mb/d vs. 2013 peak vs. 201
Slide 7: Stable Cash-Generating Base Funds Key Priorities
Stable Cash-Generating Base Funds Key Priorities Cash-Generating Base Cash Flow Allocation Future Assets Permian Suriname • Alaska • Uruguay Free Cash Flow Egypt Shareholder Returns Funds Dividends • Buybacks Priorities Strong Balance Gas Trading Sheet Resilience • flexibility Strong cash-generating
Slide 8: Suriname Block 58: World-Class Opportunity
Suriname Block 58: World-Class Opportunity GranMorgu Development on Track, Significant Further Exploration Upside Timeline / Value Conversion Suriname Expected Free Cash Flow ($MM) 2015 2019 2020 $1,600 $60 Brent Scenario $80 Brent Scenario $1,200 SPUD + ENTRY DISCOVERY PARTNER $800 2024 2027+ 2028
Slide 9: Upcoming Exploration & Appraisal Activity
Upcoming Exploration & Appraisal Activity ALASKA Two-well program in 2027 UNITED KINGDOM PERMIAN Ongoing emerging zone appraisal DEVELOPMENT EGYPT EXPLORATION SURINAME Ongoing exploration GranMorgu first oil mid-2028 Exploration planned in 2027 URUGUAY Exploration well planned in 2027 Differentiated
Slide 10: Q&A
APA Corporation APA CORPORATION 10