Slide 1: Third-Quarter 2024 Financial and Operational Supplement
Third-Quarter 2024 Financial and Operational Supplement November 6, 2024
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: 3Q 2024 Key Metrics
3Q 2024 Key Metrics 3Q 2024 Reported Production 467 Mboe/d Adjusted Production(1) 395 Mboe/d Cost Incurred in Oil and Gas Property $957 Million Upstream Capital Investment(2) $698 Million Net Cash Provided by Operating Activities $1,339 Million Adjusted EBITDAX(2) $1,557 Million Free Cash Flow(2) $2
Slide 4: Recent Highlights
Recent Highlights Permian and Egypt performance Announced FID on 220,000 barrel per day drove oil volumes above guidance development project in Suriname Adjusted production(1)(2) of 395 MBOE/D First oil expected in Mid-2028 Adjusted oil production(1)(2) of 209 MBO/D Streamlined Permian asset footpri
Slide 5: 2024 Progress
2024 Progress United States / Permian ⎻ Callon purchase increased unconventional acreage by approximately 40% ⎻ Permian represented >75% of companywide adjusted production in 3Q24 ⎻ APA Permian scale competitive with other mid to large cap “pure-plays” ⎻ Announced >$2.0 billion of non-core asset sal
Slide 6: 3Q 2024 Asset Update
3Q 2024 Asset Update APA CORPORATION 6
Slide 7: Differentiated Large Cap Independent with Diverse Asset Base
Differentiated Large Cap Independent with Diverse Asset Base NORTH 3Q 2024 Global Portfolio ALASKA SEA Global PERMIAN EGYPT 467,480 BOE/D 55% / 17% / 28% Reported Production Oil / NGL / Gas SURINAME 68 Gross, 61 Net 20.5 Development Drilled & Completed Wells Average Rigs Exploration URUGUAY United S
Slide 8: Permian Update
Permian Update Asset Highlights 3Q 2024 U.S. Stats 300,709 BOE/D ⎻ 7th consecutive quarter of meeting or exceeding U.S. oil volume guidance Reported Production ⎻ Averaged 5 rigs in the Midland Basin and 4 rigs in the Delaware Basin 48% / 26% / 26% Oil / NGL / Gas ⎻ Callon acreage development status:
Slide 9: APA's Midland & Delaware Position
APA’s Midland & Delaware Position Increased unconventional scale and inventory; streamlined footprint and reduced cost structure Pre-Callon Acquisition Post-Callon Acquisition & Non-Core Divestitures APA UNCONVENTIONAL LEASEHOLD NON-CORE CONVENTIONAL LEASEHOLD MIDLAND BASIN MINERALS >40% increase in
Slide 10: Egypt Update
Egypt Update Asset Highlights 3Q 2024 Asset Stats 141,742 BOE/D Reported Production 65% / 0% / 35% ⎻ 3Q24 oil production ahead of expectations on strong performance from new Oil / NGL / Gas wells, recompletions and base production management 20 Gross, 20 Net Drilled & Completed Wells ⎻ Backlog of pr
Slide 11: Suriname Block 58
Suriname Block 58 GranMorgu project overview and field layout >750 MMBO Estimated Recoverable Resource FPSO ⎻ 220 MBO/D oil capacity ⎻ 2.1 MMBO storage capacity ⎻ 450 MMCF/D gas capacity ⎻ All gas reinjected ⎻ No routine flaring Krabdagu Sapakara Planned Program ⎻ 1 drillship; 1 semi-sub rig ⎻ 16 pr
Slide 12: Suriname Block 58: GranMorgu First Five Years
Suriname Block 58: GranMorgu First Five Years Based on the 750+ MMBO estimated recoverable oil resource case announced at FID on October 1, 2024 Daily Oil Production (Net to APA) (1) Capital 60 $80 Brent Scenario $60 Brent Scenario ⎻ APA expects annual spending to range from Mbo/d 40 $200MM - $300MM
Slide 13: North Sea Update
North Sea Update Asset Highlights 3Q 2024 Asset Stats 25,029 BOE/D Reported Production 85% / 2% / 13% Oil / NGL / Gas 0 Gross, 0 Net Drilled & Completed Wells ⎻ Completed planned maintenance turnarounds on schedule, third quarter 0 production in line with guidance Avg Rigs Net Production, MBOE/D ⎻ F
Slide 14: Guidance
APA Corporation Guidance APA CORPORATION | 14
Slide 15: Guidance
Guidance | Full year guidance reflects APA standalone for 1Q24, plus Callon for 2Q24-4Q24 4Q 2024 FY 2024 Commentary Production (Mboe/d) United States………………………………………………………………... 312 283 Reflects estimated 4Q24 U.S. curtailments of ~22 Mboe/d Egypt (Reported)(1)…………………………………………………………. 134 136 North S
Slide 16: Preliminary 2025 Outlook
Preliminary 2025 Outlook 2024 pro-forma includes Callon 1Q24 results (unaudited) and excludes all contribution from non-core asset sales U.S. + Egypt + North Sea Capital ($MM)(1) ⎻ Expect 15% - 19% YoY reduction in U.S., Egypt and Capital North Sea capital 15% - 19% (Excluding Suriname 2,710 reducti
Slide 17: APA Exploration Portfolio
APA Exploration Portfolio APA CORPORATION 17
Slide 18: Alaska
Alaska Endicott Exploration Joint Venture (North Slope, Alaska) Liberty Prudhoe Bay ⎻ Established Joint Venture between APA (50%), Lagniappe Point Thompson Badami Alaska, LLC (25%) and Santos Ltd (25%) ⎻ 326,000 gross acre position situated on state lands King Street 1 Sockeye 1 ⎻ Confirmed working
Slide 19: Uruguay
Uruguay OFF-6 (100% Working Interest, APA Operated) ⎻ 16,500 km2 (~4.1 million acres) ⎻ One exploration well obligation OFF-4 (50% Working Interest, APA Operated) ⎻ Working interest partner with Shell (50% / 50%) ⎻ 10,000 km2 (~2.5 million acres) ⎻ Planning underway to conduct seismic acquisition No
Slide 20: Appendix
APA Corporation Appendix APA CORPORATION | 20
Slide 21: Cash Return Summary
Cash Return Summary 2024 1Q 2024 2Q 2024 3Q 2024 2021 2022 2023 YTD Total 9/30/24 Shares Repurchased (MM) 3.0 1.5 0.1 31.2 36.2 8.7 4.6 80.6 Average Stock Repurchased Price $33.27 $28.72 $29.32 $27.14 $39.34 $37.81 $31.72 $34.02 Share Repurchases ($MM) $101 $43 $2 $847 $1,423 $329 $146 $2,742 Divide
Slide 22: Upstream Capital Investment
Upstream Capital Investment 1Q 2024 2Q 2024 3Q 2024 Total ($ in millions) United States* $419 $665 $547 $1,631 Egypt (excluding noncontrolling interest) $137 $133 $118 $388 North Sea $6 $16 $13 $35 Suriname $6 $25 $20 $51 Upstream Capital Investment Total $568 $839 $698 $2,105 *United States capital
Slide 23: Egypt Production Detail
Egypt Production Detail 2Q 2024 3Q 2024 Oil Gas Oil Gas (Bbls/d) (Mcf/d) Boe/d (Bbls/d) (Mcf/d) Boe/d Gross Production 139,490 431,750 211,448 136,670 447,173 211,199 Reported Production 87,702 273,077 133,215 91,673 300,418 141,742 % Gross 63% 63% 63% 67% 67% 67% Less: Tax Barrels 23,054 73,301 35,
Slide 24: Glossary of Referenced Terms
⎻ Upstream Capital Investment: Includes exploration, development, gathering, processing, and transmission capital, capitalized overhead, and settled asset retirement obligations. Excludes capital investment for property acquisitions, capitalized Glossary of interest, non-cash asset retirement additi
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations APA CORPORATION 25
Slide 26: Adjusted Earnings
Non – GAAP Reconciliation Adjusted Earnings Reconciliation of Income Attributable to Common Stock to Adjusted Earnings Our presentation of adjusted earnings and adjusted earnings per share are non-GAAP measures because they exclude the effect of certain items included in Income Attributable to Commo
Slide 27: 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 28: Cash Flow Before Changes in Operating Assets & Liabilities and 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 29: 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 30: 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 31: 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 32: apacorp.com
APA Corporation apacorp.com